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

Price range of non-landed private new sales (ex. EC)	Q1 2025	Q2 2025
Below $1.5 mil	13.5%	25.6%
$1.5 mil to <$2 mil	37.9%	20.1%
$2 mil to <$2.5 mil	20.5%	21.3%
$2.5 mil to <$3 mil	15.0%	13.1%
$3 mil to <$3.5 mil	7.7%	7.8%
$3.5 mil to <$4 mil	4.0%	6.7%
$4 mil to <$5 mil	0.7%	2.8%
$5 mil to <$10 mil	0.6%	1.8%
$10 mil and above	0.2%	0.8%
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