Singapore Property Market Report — March 2025: Resilience Amid Global Uncertainties

Developers sold 729 private new homes (excluding ECs) in March 2025, a modest 1.5 per cent increase year-on-year but a sharp 54.4 per cent decline from February’s exceptionally strong 1,597 units. The drop was primarily driven by reduced launch activity, with only 555 new units launched in March compared to 1,694 in February.

Including Executive Condominiums, total new home sales reached 1,510 units. Despite the monthly dip, Q1 2025 sales of approximately 3,400 units (excluding ECs) marked the strongest first quarter since 2021 — a clear signal that underlying demand remains robust.

Aurelle of Tampines, an Executive Condominium in District 18, led all projects with 705 of its 760 units sold (92.8 per cent) at a median price of S$1,769 psf. The project’s success underscored the enduring appeal of ECs as an affordable entry point to private housing.

Lentor Central Residences in the Outside Central Region sold 460 of 477 units (96.4 per cent) at a median price of S$2,213 psf, capitalising on the growing Lentor precinct’s proximity to the MRT and surrounding parks. Novo Place (EC) in District 24 also performed strongly with 472 of 504 units sold (93.7 per cent) at S$1,661 psf.

In the prime districts, Aurea at the Core Central Region launched 24 of its 188 units in March, achieving a median price of S$2,924 psf — reflecting sustained interest in city-centre freehold properties, albeit at a more measured pace.

The private condo resale market recorded an estimated 1,189 transactions in March 2025, a 19.7 per cent increase from February’s 993 units and a 26 per cent jump year-on-year. Resale volumes were also 12.2 per cent above the five-year March average, indicating healthy underlying activity.

However, resale prices dipped 0.5 per cent month-on-month, with the resale price index easing from 266.8 to 265.5. On a year-on-year basis, prices remained 5.2 per cent higher — suggesting that while the pace of appreciation has slowed, the broader price trajectory remains upward.

Looking ahead, cautious optimism prevails. While primary sales may dip in the second quarter by up to 50 per cent compared to Q1, resilient demand from genuine homebuyers is expected to support the market. Upcoming launches such as Otto Place in Tengah and a new EC project in Pasir Ris are anticipated to absorb remaining pent-up demand.

Private home price growth is forecast to plateau in the next few quarters, following a 0.6 per cent increase in Q1 2025 — down from 2.3 per cent in Q4 2024. Full-year private residential price growth is estimated to range between 4 per cent and 7 per cent amidst rising construction costs.

The main risks remain external: trade tensions and tariffs introduced by the United States have caused global economic uncertainty, leading to heightened caution among investors. However, with unemployment low, employment conditions stable, and household balance sheets healthy, domestic demand is likely to remain the market’s foundation.