Singapore private home prices up 0.6% in Q1

Both landed and non-landed homes saw growth in prices during the quarter.

According to PropNex, Singapore private home prices booked a second consecutive quarter of increase as prices inched up by 0.6% QOQ in Q1 2025, following the 2.3% QOQ in Q4 2024.

On a year-on-year basis, the URA PPI was up by 3.1% from Q1 2024. The flash estimates reflect data for the quarter up till mid-March; the final print will be released on 25 April 2025.

Here’s more from PropNex:

Prices of both landed homes and non-landed private homes climbed by 0.6% QOQ each in Q1 2025. In the case of landed homes, the price growth reversed the marginal 0.1% QOQ decline in the previous quarter. The slight uptick in landed home prices in Q1 2025 is the first quarterly gain following two quarters of decline. 

The URA Realis caveat data (up till 23 March 2025) showed that despite a fall in transaction volumes, the average unit price on land area rose across the detached house, semi-detached house and terrace house segments in Q1 2025 from Q4 2024, with detached house posting the steepest growth at nearly 20% QOQ.   

Meanwhile, non-landed home prices grew by 0.6% QOQ in Q1 2025 after recording a 3% QOQ growth in Q4 2024. Prices in all sub-markets rose at a slower pace; the increase was spearheaded by the Rest of Central Region (RCR) where prices climbed by 1.0% QOQ in Q1 2025 – moderating from the 3.0% QOQ jump in Q4 2024. 

During the quarter, only one new RCR project was launched, being The Orie which shifted 687 out of 777 units at an average price of $2,733 psf, according to caveat data. Meanwhile, existing launches in the RCR, such as Emerald of Katong, Nava Grove, Union Square Residences, and The Continuum also sold units at marginally higher average unit prices in Q1 2025 (till 23 March) from Q4 2024.  

Meanwhile, non-landed home prices in the Core Central Region (CCR) increased by 0.6% QOQ in Q1 2025, following the 2.6% QOQ growth in Q4 2024. During the quarter, Aurea in Beach Road was launched, transacting 24 units at an average price of $2,949 psf, based on caveats lodged. Some existing CCR projects also achieved slightly higher average price in Q1 2025 from the previous quarter, including 19 Nassim, 32 Gilstead, Park Nova, and The Collective at One Sophia. 

On an average unit price ($PSF) basis, the price gap between new non-landed private homes sold in the CCR and that of RCR and OCR in Q1 2025 are at their narrowest in more than 20 years, based on sales data up till 23 March 2025 – at 4.1% between CCR ($2,834 psf) and RCR ($2,722 psf), and 20.6% between the CCR and OCR ($2,349 psf).

Over in the Outside Central Region (OCR), despite a slew of new launches during in Q1 2025 – comprising Bagnall Haus (freehold) in Upper East Coast Road, ELTA in Clementi, Parktown Residence in Tampines, and Lentor Central Residences – home prices saw muted growth, rising by 0.3% QOQ compared with the 3.3% in Q4 2024. Collectively, the four OCR launches transacted 1,922 units in Q1 2025 (till 23 March), based on caveats lodged. New home sales in the OCR (ex. EC) in Q1 2025 are on track to posting the strongest quarterly sales in more than three years.

All in, PropNex estimates that developers sold more than 3,300 new private homes (ex. EC) in the year-to-March 23 period. Meanwhile, URA Realis caveat data showed that there were around 2,800 units of private homes sold in the resale market in Q1 2025 (till 23 March), which is set to underperform the 3,702 private homes resold in the previous quarter.