Singapore residential investment sales plummet to S$1.9b in Q2

Both the public and private sectors saw steep declines.

In Q2/2025, investment sales for Singapore’s residential land parcels and individual housing units fell sharply by 50.5% QoQ to S$1.88 billion, according to a Savills report. Transaction values declined in both the public and private sectors, by 62.7% and 17.4% respectively.

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In the public sector, two 99-year private residential land parcels - Lentor Gardens and Lakeside Drive - were awarded under the GLS Programme in Q2/2025. In April, Chinese developer Kingsford Group secured the Lentor Gardens site with a top bid of S$429.2 million or S$920 per sq ft per plot ratio (psf ppr).

As the seventh GLS parcel in the Lentor Hills estate, it recorded the lowest unit price among the plots awarded there and is expected to yield about 500 residential units. Later in June, the Lakeside Drive site, which is zoned for residential use with commercial at the first storey, was awarded to CDL for S$608.0 million, or S$1,132 psf ppr. The developer plans to build a 575-unit project comprising five 16-storey residential blocks along with a ground-floor retail podium.

Notably, the Lakeside Drive site had attracted strong interest, receiving six bids when the tender closed. This marked a notable shift from the null response observed in April, when the Media Circle (Parcel B) site received no bids and the Lentor Gardens site garnered only two.

The rebound in bidding activity suggests selective optimism among developers, likely driven by site-specific attributes such as the site’s adjacent to the Lakeside MRT Station, unblocked views of Jurong Lake Gardens and convenient access to a wide range of amenities and schools and the absence of new launches in the vicinity for many years. Its distinction as the first GLS parcel launched in the area in a decade may have further enhanced its appeal.

In the private sector, investment in landed houses and non-landed residential units priced at S$10 million or more each moderated in Q2/2025. Compared to the previous quarter, the number of such transactions fell by 23.8% to 48 deals, while the total transaction value decreased by 12.6% to S$843.6 million.

The most expensive landed house that changed hands in the quarter was a Good Class Bungalow (GCB) at 12 Joan Road in the Caldecott Hill Estate. Falling within the GCB zone, it was sold for S$58.0 million, or S$1,477 psf based on a land area of 39,277 sq ft. Among non-landed properties, the highest-value deal involved a 5,285 sq ft, five-bedroom unit on the 55th floor of Skywaters Residences, which was sold for S$30.9 million (S$5,841 psf).

This luxury residential project occupies the 27th to 63rd storeys of The Skywaters, Singapore’s future tallest tower located in Tanjong Pagar. The buyer was reported to be a Singapore Permanent Resident of Chinese nationality.