Singapore residential leasing volume up 4.8% to 20,724 in Q1

The non-landed segment was the key driver of growth.

Following the seasonal lull typically seen in the fourth quarter each year, residential leasing activity in Singapore generally rebounds in the first quarter of the following year.

In line with this trend, a Savills report revealed that the leasing volume of private residential properties (excluding ECs) in Singapore rose by 4.8% QoQ in Q1/2025, reaching 20,724 transactions. This growth was entirely driven by the non-landed segment, which registered a 5.2% QoQ increase.

Here’s more from Savills:

All submarkets posted quarterly growth, with the Rest of Central Region (RCR) leading at 7.1%, followed by the Core Central Region (CCR) at 6.3% and the Outside Central Region (OCR) at 2.3%. In contrast, the landed segment for the whole island saw a 1.8% decline in the quarter under review.

Notably, despite a marked slowdown in Singapore’s economic growth and employment gains, residential leasing volume registered a YoY increase of 3.7% in Q1/2025. This reversed the YoY declines observed in the first quarter of 2022 to 2024. The growth in the reviewed quarter was primarily supported by the non-landed segment in both the CCR (7.9%) and RCR (7.0%). Leasing activity for landed homes across the island also edged up 0.5% YoY.

In contrast, the leasing volume for non-landed residential units in the OCR declined by 2.1% compared to the same period last year. The increase in leasing demand in the CCR and RCR was supported by an ample supply of new completions over the past two years, particularly smaller-sized units, combined with more reasonable rents, which attracted tenants to these properties.

In Q1/2025, the top five non-landed private residential projects by leasing volume were Normanton Park, One Pearl Bank, D’Leedon, Parc Esta and Marina One Residences, with a total of 667 rental contracts commencing. One Pearl Bank made its first appearance on the list this quarter. Completed in August 2024, the development comprises two 39-storey towers with a total of 774 units, ranging from studio apartments to penthouses with sizes spanning from approximately 430 to 2,800 sq ft.

Conveniently located within a short walking distance of Outram Park MRT Station, the project has attracted strong leasing interest. Rental contracts in One Pearl Bank were heavily skewed toward smaller units, with studio and one-bedroom units accounting for slightly more than half (55.4%) of total leases, followed by two-bedroom units at 36.2%.