01 July 2025, Singapore - Prices of private homes and HDB resale flats continued to climb in Q2 2025, albeit at a slower and more sustainable pace, according to statistics from the Urban Redevelopment Authority (URA) and the Housing and Development Board (HDB). Weaker sales and a limited number of new launches likely put a drag on private residential property prices, while the healthy supply of new flats and cooling measures may have weighed on the prices of HDB resale flats. In Q2 2025, a flat in Queenstown fetched an all-time high resale price, while the number of flats resold for at least $1 million also touched a fresh quarterly high, based on sales data.

Q2 2025 URA Private Residential Property Index (Flash)

Private home prices inched up marginally by 0.5% QOQ in Q2 2025, easing from the 0.8% QOQ growth in Q1 2025 (see Table 1). Factoring in the flash estimates, the overall private residential property prices have risen by a cumulative 1.3% in the first half of 2025 (1H 2025) - slower than the 2.3% growth recorded in 1H 2024. The flash estimates reflect data for the quarter up till mid-June; the final print is will be released on 25 July 2025.

Table 1: URA Private Property Price Index (PPI) Q2 2025 Flash

Source: PropNex Research, URA

The price increase in Q2 2025 was led by the Landed private homes segment where prices rose by 0.7% QOQ, following the 0.4% growth in the previous quarter. According to caveats lodged, landed home transactions were down by about 17.5% QOQ to 410 units in Q2 2025 (till 20 June) but the average unit price on land area rose slightly by 1.2% QOQ, supported by the semi-detached and terrace house segments.

For Non-landed private homes, prices rose by 0.5% QOQ in Q2 2025, slowing from the 1.0% QOQ growth in Q1 2025. This comes as non-landed private homes in the Rest of Central Region (RCR) posted a 1.1% QOQ price decline, overturning the 1.7% QOQ increase in the Q1 2025; it is also the first price decline in six quarters in the RCR. Meanwhile, private home prices rose by 2.3% QOQ and 0.9% QOQ in the Core Central Region (CCR) and Outside Central Region (OCR), respectively in Q2 2025.

With the exception of 21 Anderson in the CCR, all the new launches in the quarter are in the RCR. The RCR projects that hit the market in Q2 2025 were One Marina Gardens, Bloomsbury Residences, Arina East Residences, and Amber House. In the quarter, the best-selling new projects were One Marina Gardens which sold 462 units at an average price of around $2,951 psf, and Bloomsbury Residences in Media Circle which moved 151 units at an average price of about $2,477 psf, according to caveats lodged (till 22 June 2025).

In Q2 2025, PropNex estimates that developers sold at least 1,153 new units (ex. EC) - taking the tally to some 4,528 units in the first half of 2025. This far exceeds the 1,889 new units (ex. EC) transacted in 1H 2024. New private home sales are expected to pick up in Q3 2025 with an ample supply of new launches lined up. Over in the resale private homes segment, there were 2,949 transactions (ex. EC) in Q2 2025 (till 20 June as per caveats lodged), bringing the 1H 2025 total to an estimated 6,514 units - slightly above the 6,491 resale homes that changed hands in 1H 2024.

Mr Ismail Gafoor, CEO of PropNex Realty said:

"The flash estimates showed that private home prices grew at the slowest pace in three quarters in Q2 2025 at 0.5% QOQ. This may be partly due to the limited number of new project launches during the quarter - there were three launches in April, none in May and just two new projects in June. The five projects that debut in Q2 2025 have a total of 1,526 units, compared with six launches in Q1 2025 which have 3,251 units (ex. EC) collectively. Furthermore, some of the projects launched in Q1 2025 have set new benchmark prices at their respective locales, which had helped to prop up prices in the previous quarter. To be sure, the overall moderation in price growth to a more sustainable pace of late is not a bad thing for the market.

Of note, buyer sentiment turned more cautious in Q2 2025 amid heightened market uncertainties, arising from the announcement of sweeping US trade tariffs in April and later, the Middle East conflict in June. Downside risks persist and we expect buyers could remain circumspect in their purchase decisions. Moving forward, the sense of FOMO may perhaps not be as strong as what we saw in Q4 2024 or Q1 2025, but we anticipate that prospective buyers will still enter the market if they perceive that the project offers a strong value proposition, with potential upside in the future. To this end, we anticipate developers will be more sensitive with their pricing at the initial stages of a project launch, if they wish to get sales off to a good start.

In Q2 2025, about 26% of the non-landed private new homes sold (ex. EC) were priced at below $1.5 million (see Table 2), including mainly smaller units from projects such as One Marina Gardens and Bloomsbury Residences. A large portion of new home sales (67% in Q2) continued to be done at below $2.5 million, which remains a pricing sweet-spot for many homebuyers and investors in today's market.

Table 2: Proportion of new non-landed home sales (ex. EC) by price range

Source: PropNex Research, URA Realis (data till 22 June 2025)

Amid limited launches and lower sales volume, the median transacted unit price ($PSF) gap of non-landed new sales (ex. EC) between regions widened across the board in Q2 from Q1 2025 (see Table 3), according to caveats lodged up till 22 June 2025. That being said, the price gap between the CCR and RCR was relatively tight at about 12% in Q2 2025.

Table 3: Median unit price ($PSF) of new non-landed private homes sold (ex. EC) by region and price gap between regions (%)

Home sales remained driven by local demand in view of the hefty additional buyer's stamp duty (ABSD) rate on foreigners at 60%. In Q2 2025 (till 22 June), foreigners (non-PR) made up 1.3% of overall non-landed private home sales (ex. EC) based on caveats lodged - down from 6.9% in Q1 2023 before the tightening of the ABSD measure in April 2023. Meanwhile, Singaporeans and Singapore PR accounted for about 80.8% and 17.8% of the non-landed private home sales, respectively.

We are cautiously optimistic about private home sales in Q3 2025 as several projects - with attractive locations near to an MRT station and amenities - are expected to be launched. Given that a good number of the launches are in the CCR and RCR, we anticipate that private home prices may be well-supported in Q3. About 4,700 new units (including EC) may potentially be put on the market in July and August, ahead of the start of the 7th lunar month (Ghost Month) on 23 August.

The upcoming projects in July and August could include W Residences Singapore - Marina View, LyndenWoods, The Robertson Opus, UpperHouse at Orchard Boulevard, Canberra Crescent Residences, Promenade Peak, River Green, Springleaf Residence, Artisan 8, and Otto Place EC. These projects are well-spread out from the city centre to the heartlands, and across all segments of the market from EC to luxury homes. After nearly two months without any major project launches, we expect the upcoming projects to draw buyer interest. Other factors that can help to underpin the property market include the tight labour market, healthy household balance sheet, and moderating interest rates.

Meanwhile, government land sales tenders also saw improved participation from developers recently, suggesting a good level of confidence among developers about private housing demand and market outlook. For instance, the GLS tender for a residential plot in Dunearn Road drew nine bids when it closed recently - the highest number of bids for a non-EC GLS plot since the tenders closed for two sites in Slim Barracks Rise (which attracted 10 bids each) in September 2021.

PropNex projects that overall private home prices could potentially rise by 3% to 4% for the entire 2025, supported by oncoming stock of new launches, including many projects in the city and city fringe. Meanwhile, developers' sales are expected to come in at 8,000 to 9,000 units (ex. EC), while the private resale volume may reach around 14,000 to 15,000 units in 2025."

Q2 2025 HDB Resale Price Index (Flash)

Flash estimates released by the Housing and Development Board (HDB) showed that resale flat prices inched up by 0.9% QOQ in Q2 2025, slowing from the 1.6% QOQ increase posted in Q1 2025 (see Table 4). This marks the third straight quarter of softer price growth, and at 0.9% QOQ it is also the smallest price increase in 20 quarters since resale prices inched up by 0.3% QOQ in Q2 2020. Cumulatively, the HDB resale price index has climbed by 2.5% in 1H 2025, slowing from the 4.2% increase in 1H 2024.

According to the HDB, there were 6,981 HDB flats resold in Q2 2025 (till 29 June), up by nearly 6% from the 6,590 resale flats transacted in the previous quarter. On a YOY basis, the HDB resale volume was 5% lower than the 7,352 units sold in Q2 2024.

Table 4: HDB Resale Price Index

Ms Wong Siew Ying, Head of Research and Content, PropNex Realty said:

"HDB resale flat prices continued to rise, but at a decidedly slower pace in Q2 2025 which in our view is more sustainable and healthier for the HDB resale market. Taking into account the flash estimates, resale flat prices have risen by a cumulative 2.5% in 1H 2025, and we expect the price increase ahead to likely be modest amid the injection of new flat supply and cooling measures working through the market. We now anticipate HDB resale prices could climb by 4% to 5% for the whole of 2025 - a downgrade from an earlier projection for a 5% to 7% increase for the year.

With HDB resale prices possibly rising at the slowest clip in 5 years in Q2 2025 and three back-to-back quarters of softer price increase recently, we think it is timely for the government to seriously consider removing the 15-month wait-out period this year, which will help former private home owners to right-size to an HDB resale flat.

Meanwhile, the HDB resale volume has improved slightly in Q2 2025 (till 29 June) where 6,981 resale flats changed hands - up from 6,590 flats resold in Q1 2025 (see Chart 1). Still, we note that sales are still substantially below the levels seen in 2H 2020 to 2021, as well as parts of 2024. Factors that weighed on sales include tightness in resale supply owing to fewer flats exiting the 5-year minimum occupation period (MOP), existing cooling measures such as the stricter LTV limit for HDB home loan, and a strong supply of new Build-to-Order (BTO) flats likely drawing some demand from the resale flat segment. For the entire 2025, we project that around 27,000 to 28,000 flats may be resold.

Chart 1: HDB resale volume by quarter

According to transaction data (retrieved on 1 July 2025), there were 415 flats that were resold for at least $1 million in Q2 2025 - up by 19% QOQ from 348 units in Q1 2025 - and has once again hit a fresh quarterly high (see Table 5). They made up about 6% of the overall HDB resale flat transactions in the quarter based on sales data. By flat type, the million-dollar flats resold in Q2 2025 comprised 168 units of 4-room flats, 129 units of 5-room flats, 116 units of executive flats, and two multi-gen flats. Specifically, the number of such flats sold in the 4- and 5-room, and executive flat types are all quarterly record high figures.

During the quarter, a 5-room resale flat in Dawson Road in Queenstown achieved an all-time high resale price based on recorded transactions. The 122-sq m premium apartment loft unit - located on floors between the 22nd and 24th storey - fetched nearly $1.659 million in June.

In 1H 2025, the number of million-dollar resale flats sold has exceeded 100 units every month, taking the total to an estimated 763 units. Of note, Toa Payoh has the highest number of million-dollar resale flats transacted in 1H 2025, at 148 units. Of these, a majority of the flats are found in Bidadari Park Drive, Alkaff Crescent, Lorong 1A Toa Payoh, Lor 1 and 2 Toa Payoh, and Toa Payoh East. PropNex expects there may be more than 1,300 million-dollar flats transacted in the entire 2025 - surpassing the record 1,035 such units in 2024."

Table 5: Number of million-dollar resale flats sold by price range since 2017