Why Singapore’s prestige landed homes saw muted leasing demand in 2H25

There were only 2,190 leasing transactions from July to November 2025. 

Leasing demand for Singapore’s prestige landed homes (landed properties (excluding GCBs) valued at over S$10 million each) remained subdued in the second half of 2025, weighed down by cautious market sentiment and tighter accommodation budgets for expatriates, according to a PropNex report.

Between July and November 2025, 2,190 leasing contracts were signed for landed private homes, collectively valued at S$23.1 million. This represented a decline from the same period in 2024, when 2,366 contracts worth nearly S$24.9 million were recorded.

High-end properties, including Good Class Bungalows (GCBs), faced muted demand due to heightened scrutiny of high-value transactions and tighter anti-money laundering (AML) checks introduced in August 2023. Ongoing global economic uncertainties also contributed to cost-conscious behavior among expatriates and high-net-worth individuals, with some tenants seeking alternative landed or luxury non-landed options.

Despite the softer leasing environment, occasional standout transactions were observed. The top deal in 2H 2025 involved a GCB in Cornwall Gardens, which achieved a monthly rent of S$90,000, or nearly S$1.1 million annually.

Rents for the landed segment, however, have shown early signs of recovery. Overall landed home rentals rose 3.5% in the first nine months of 2025, according to the URA rental index, while the Q3 2025 index recorded a 2.4% quarter-on-quarter increase, up from just 0.7% in Q2.

Looking ahead, PropNex expects rental growth in the private landed homes market to remain modest in 2026, with lingering macroeconomic uncertainties potentially continuing to dampen leasing demand for top-end luxury homes.