What drove the rise in Singapore’s residential leasing volume in Q2?

Leasing contracts increased by 2.8% to 21,330 transactions during the quarter.

In tandem with better-than-expected economic growth and a relatively stable labour market, a Savills report noted that Singapore’s residential leasing market activity continued rising in the second quarter of 2025.

“Following a 4.9% QoQ increase in Q1/2025, leasing contracts for island-wide private residential properties (excluding ECs) rose by a further 2.8% QoQ in Q2, reaching 21,330 transactions. Rental volumes in Q2 were also 3.2% higher than the previous quarter and 1.2% above the five-year Q2 average from 2020 to 2024,” the report added.

Here’s more from Savills:

The rise in leasing volume in Q2/2025 continued to be driven by the non-landed segment, increasing by 3.1% QoQ to 20,243 deals. This was consistent with the trend observed in the previous quarter. Leasing activity for non-landed residential properties strengthened across all market segments. The Outside Central Region (OCR) led with a 4.1% QoQ rise, followed by the Core Central Region (CCR) and the Rest of Central Region (RCR), which posted QoQ increases of 3.0% and 2.2%, respectively.

However, this overall growth in the non-landed segment was partially offset by a 2.0% QoQ decline in rental volume for landed homes across the island. Leasing activity in the landed segment has contracted for three consecutive quarters since Q4/2024, although the declines were relatively modest in the first half of 2025.

Irwell Hill Residences made its debut on the list of the top five non-landed residential projects with the highest number of leasing contracts commencing in Q2/2025. This development saw the greatest number of leasing contracts at 169. This condominium development obtained its Temporary Occupation Permit (TOP) in November 2024 and comprises two 36-story towers with a total of 540 units.

Located in River Valley, a popular estate among expatriates, its proximity to the Great World MRT Station— within walking distance—is a key attraction for tenants, contributing to its strong leasing demand. The most popular unit type among tenants was the two-bedroom unit, which made up over half (56.2%) of all leases. Studio and one-bedroom units followed, accounting for 23.1%.

The Sail @ Marina Bay, a consistent top five performer, re-appeared in the rankings in Q2/2025, securing second place with 139 rentals. As in the previous quarter, Normanton Park, Marina One Residences, and One Pearl Bank remained on the list, occupying the remaining three slots with 115, 113 and 110 leasing deals, respectively.