Overview
Notwithstanding softer interest rates and an upturn in private housing demand, sales activity of landed homes slowed significantly in the first half of 2025. This came amid the announcement of sweeping US tariffs on its trading partners, which had sparked market volatility, heightened uncertainties, and weakened buyer sentiment.
Overall, there were 856 landed home transactions – amounting to about $4.9 billion – in 1H 2025 (till 15 June), slowing substantially from the sales performance in 2H 2024, where 1,033 transactions worth $5.5 billion were done. The Good Class Bungalow (GCB) segment also saw slower sales in 1H 2025, with fewer GCB deals being caveated; about seven GCB deals valued at nearly $253 million were recorded, based on caveats lodged.
Overall Landed Home Prices
Flash estimates showed that the URA Property Price Index for landed homes rose for the second straight quarter by 0.7% QOQ in Q2 2025 (See table 1). For the whole of 2024, landed home prices rose by 0.9% – down from the 8% increase in 2023, and the 9.6% price growth achieved in 2022. PropNex estimates that private landed home prices could similarly see a measured growth of between 2% and 3% for the entire 2025.
Table 1: Ura Private Landed Residential Price Index
| PERIOD | INDEX | QOQ | YOY | PERIOD | INDEX | QOQ | YOY |
|---|---|---|---|---|---|---|---|
| Q1 2024 | 239.3 | 2.6% | 4.6% | Q4 2024 | 235.3 | -0.1% | 0.9% |
| Q2 2024 | 243.8 | 1.9% | 5.4% | Q1 2025 | 236.2 | 0.4% | -1.3% |
| Q3 2024 | 235.5 | -3.4% | 5.7% | Q2 2025 | 237.9 | 0.7% | -2.4% |
Source: PropNex Research, URA (*Flash Estimates released on 1 July 2025)
Landed homes in the Central Region have showed signs of gradual price correction in the first half of 2025. In Q2 2025 (till 15 Jun 2025), the average unit price of landed homes (on land area) in the Core Central Region (CCR) declined by 3.9% YOY, while that of the Rest of Central Region (RCR) slipped by 2.0% YOY. Landed home prices in the suburban areas or Outside Central Region (OCR) bucked the trend, growing by 6.9% YOY in Q2 2025 (see Table 2).
Table 2: Average Unit Prices on Land Area ($psf) of Private Landed Homes by Region
| PERIOD | CCR | YOY | RCR | YOY | OCR | YOY |
|---|---|---|---|---|---|---|
| Q1 2023 | $2,258 | 13.1% | $2,092 | 17.9% | $1,531 | 20.7% |
| Q2 2023 | $1,592 | -13.7% | $1,938 | 2.3% | $1,547 | 12.0% |
| Q3 2023 | $2,202 | 5.8% | $2,086 | 9.4% | $1,627 | 9.6% |
| Q4 2023 | $2,186 | -0.2% | $1,948 | -2.1% | $1,579 | 4.5% |
| Q1 2024 | $2,047 | -9.3% | $2,072 | -1.0% | $1,617 | 5.6% |
| Q2 2024 | $2,278 | 43.1% | $2,199 | 13.5% | $1,673 | 8.1% |
| Q3 2024 | $2,143 | -2.7% | $2,012 | -3.5% | $1,668 | 2.5% |
| Q4 2024 | $2,226 | 1.9% | $2,178 | 11.8% | $1,721 | 9.0% |
| Q1 2025 | $2,305 | 12.6% | $2,039 | -1.6% | $1,747 | 8.1% |
| Q2 2025 | $2,189 | -3.9% | $2,156 | -2.0% | $1,788 | 6.9% |
Source: PropNex Research, URA Realis (*data up to 15 Jun 2025, retrieved 20 Jun 2025)
GOOD CLASS BUNGALOWS
1H 2025 PERFORMANCE
GCB sales declined in 1H 2025 (up till 15 Jun 2025), where seven GCBs valued at a combined $253 million were transacted, based on URA Realis caveat data for detached houses sold in GCB Areas (GCBAs). This is the lowest sales volume recorded on a half-yearly basis since 2019 at least, according to data tracked by PropNex. The sales value in 1H 2025 was also 42.5% lower than the $441 million achieved by the 14 GCBs sold in 2H 2024 (see Chart 1).
That being said, the actual volume of GCBs sold could be higher, as some deals may not have been caveated. Among them, a Tanglin Hill GCB was reportedly sold for $94 million in March 2025 according to media reports, but the transaction is not reflected in the caveat data.
Based on caveats lodged, the top GCB deal in 1H 2025 was for the sale of a bungalow in Gallop Park for $58 million in January (see Table 3) – reflecting a unit price of $3,557 psf on land area. The freehold property has a land area of 16,306 sq ft and is situated in the Cluny Hill GCB area, near the Singapore Botanic Gardens.
Table 3: Top 5 Caveated GCB Deals in 1H 2025*
| Address | Date | Transacted Price ($) | Area (SQFT) | Unit Price ($ PSF) on Land Area | Tenure | |
|---|---|---|---|---|---|---|
| 1 | 2X GALLOP PARK | Jan-25 | $58,000,000 | 16,306 | 3,557 | Freehold |
| 2 | 1X JOAN ROAD | Apr-25 | $58,000,000 | 39,277 | 1,477 | Freehold |
| 3 | 1X LEEDON PARK | Mar-25 | $45,800,000 | 15,636 | 2,929 | Freehold |
| 4 | X PEIRCE HILL | May-25 | $37,000,000 | 17,260 | 2,144 | Freehold |
| 5 | 4X MARGOLIOUTH ROAD | May-25 | $20,500,000 | 9,637 | 2,127 | Freehold |
Source: PropNex Research, URA Realis (*data up to 15 Jun 2025, retrieved 20 Jun 2025)
For the most part, GCB sales have softened markedly following the sharp interest rate hikes from the middle of 2022. In the first half of 2025, market observers noted that there is a rising mismatch in price expectations between buyers and sellers which may have contributed to the slower GCB sales activity. In addition, the market turmoil arising from US Liberation Day tariffs announced in April 2025 could also have put some buyers off from making any acquisition moves, preferring to monitor for potential market shifts.
Meanwhile, the prices of GCBs experienced considerable volatility amid the thin transaction volume in the first six months of 2025. While GCB demand may fluctuate and be swayed by market vagaries, PropNex still expects GCB prices to hold up owing to scarce supply of such properties and rising wealth. On a half-yearly basis, the average unit price stood at $2,242 psf on land area in 1H 2025, compared with $2,053 psf in 1H 2024 and $2,017 psf in 2H 2024 (see Chart 2).
Prestige Landed Homes
1h 2025 Performance
In the prestige landed homes segment – defined by PropNex as landed properties (ex. GCB) valued at more than $10 million each – sales picked up in 1H 2025 following a slower 2H 2024. According to caveats lodged, there were 67 transactions that amounted to about $911 million in the prestige landed homes market in 1H 2025 (up till 15 Jun 2025), reflecting a 34% growth from nearly $682 million worth of deals (from 51 transactions) recorded in 2H 2024.
In the first half of 2025, it was found that prestige landed homes with a lower transacted price range (priced at between $10 million and $15 million) accounted for majority (about 77.6%) of total prestige landed deals – slightly down from the 78.4% proportion in 2H 2024. Notably, there were no transactions priced at above $30 million in 1H 2025 (see Chart 4).
Looking ahead, the sales momentum of luxury landed homes could potentially moderate amidst the muted economic growth outlook, market uncertainties, and delays in interest rate cuts by the US Federal Reserve. Singapore’s safe-haven status will be a key demand driver for the luxury residential property market in 2025.
Soft Leasing Demand for Prestige Landed Homes
Overall rental demand for landed homes eased slightly, possibly weighed down by subdued market sentiment and tighter accommodation budget for expatriates, as businesses look to manage cost in an uncertain period.
There were 1,770 leasing contracts for landed private homes in the first five months of 2025 with contracts valued at over $17.3 million collectively (see Chart 5). This was lower compared with the first five months of 2024, where about 1,791 landed home leasing contracts worth nearly $18.1 million were signed.
Following the anti-money laundering blitz in August 2023, it appears that leasing demand for high-end landed homes has generally tapered, amid heightened scrutiny and due diligence. Having said that, the landed residential market continues to see some eye-popping leasing transactions. The top landed home leasing deal in 1H 2025 was for a GCB in Cluny Road, which fetched a monthly rental of $95,000, equivalent to an annual rental expense of more than $1.1 million (see Table 4).
Landed home rentals fell by 3.8% in 2024, according to the URA rental index of private residential properties. In Q1 2025, the URA rental index for landed homes posted a 0.3% QOQ growth, reversing the previous quarter’s decline of 1.8% QOQ. PropNex anticipates that the private landed home leasing market could remain fairly tepid for the rest of 2025 owing to macroeconomic uncertainties, which could weigh on business outlook and sentiment, as well as corporate hiring plans.
Table 4: Top 10 Landed Home Leasing Transactions From January to May 2025
| Street Name | Postal District | Property Type | Monthly Rent ($) | Floor Area (SQFT) | Lease Commencement |
|---|---|---|---|---|---|
| CLUNY ROAD | 10 | Detached | 95,000 | 27,500 to 28,000 | Jan-25 |
| CLUNY PARK ROAD | 10 | Detached | 88,000 | 18,000 to 18,500 | Jan-25 |
| BUKIT TUNGGAL ROAD | 11 | Detached | 80,000 | 15,000 to 15,500 | Apr-25 |
| BRIZAY PARK | 10 | Detached | 75,000 | 11,000 to 11,500 | Jan-25 |
| BELMONT ROAD/MORLEY ROAD | 10 | Detached | 73,000 | 6,500 to 7,000 | Jan-25 |
| BELMONT ROAD/MORLEY ROAD | 10 | Detached | 70,000 | 11,000 to 11,500 | Mar-25 |
| OLD HOLLAND ROAD | 10 | Detached | 53,000 | 18,000 to 18,500 | May-25 |
| CLUNY PARK ROAD | 10 | Detached | 52,000 | 5,500 to 6,000 | Jan-25 |
| CLUNY HILL | 10 | Detached | 50,000 | 8,000 to 8,500 | Jan-25 |
| DALVEY ESTATE | 10 | Detached | 49,999 | 10,500 to 11,000 | Mar-25 |
Source: PropNex Research, URA Realis (*data up to May 2025)
Market Outlook
Singapore’s economy expanded by 3.9% year-on-year in Q1 2025, easing from the 5.0% growth recorded in the previous quarter. Despite the better-than-expected performance, the government has cautioned that the economy is likely to face headwinds from the recently announced U.S. tariffs, given Singapore’s highly open and trade-dependent nature. In June, the Monetary Authority of Singapore (MAS) warned of a significant slowdown ahead, citing increased financial market volatility and escalating geopolitical tensions as key downside risks. In April 2025, the Ministry of Trade and Industry (MTI) downgraded its forecast for Singapore’s GDP, expecting it to grow by 0 to 2% for 2025.
Meanwhile, any intent on the part of the US Federal Reserve to further cut rates appear to have been stalled, following the sweeping trade tariffs announced in April 2025 which are expected to eventually translate to higher inflation. The Federal Reserve once again held rates steady in June, but policymakers are open to possibly two cuts by the end of 2025. Apart from downside risks posed by the on-again, off-again tariffs, the growing conflict in the Middle East also bears watching. Oil prices have jumped on 23 June 2025 after US strikes on Iran nuclear sites. A spike in oil prices may have wider impact on global growth and inflation.
Against the backdrop of these uncertainties, PropNex expects that Singapore will continue to be a safe haven destination for property investors and homebuyers – underpinning demand for luxury and prestige landed housing. In the GCB market, the thin transaction volume and ongoing market uncertainties may give buyers an upper-hand in price negotiation. Anecdotal observations indicate that while some sellers are open to reducing their asking price, many continue to hold firm as most GCB and prestige landed home owners are not in a great hurry to sell and tend to have strong holding power.
Transaction volumes may moderate in the near term as buyers wait for attractive deals, but buying interest remains healthy — particularly among ultra-high-net-worth individuals (UHNWIs), business owners, and wealthy naturalised Singaporean families. This group of prospective buyers is eyeing key GCB enclaves such as Nassim, Tanglin, and Cluny, where well-located properties that are priced attractively could garner strong interest.
PropNex remains optimistic that GCB prices will stabilise and sales could potentially rebound by mid-2026. The long-term outlook for the GCB segment is expected to remain positive due to the fixed supply of such exclusive bungalows in land scarce Singapore. Coupled with rising affluence and a penchant for trophy assets among the wealthy, the GCB segment will likely stay relatively resilient.
Looking at past crises or periods of uncertainty, the landed homes market – including GCBs and prestige landed homes – has demonstrated its ability to bounce back and recover within a short span of time, following the Asian Financial Crisis, SARS outbreak in 2003, the 2008 Global Financial Crisis, and the COVID-19 pandemic in 2020.
FEATURED
GOOD-CLASS BUNGALOW LISTINGS
GCB Listing 1
2.5-STOREY GCB IN ORCHARD AREA
| Land Area | 13,000 sq ft est |
| Built-up Area | 10,000 sq ft est |
| Other Details |
|
GUIDE PRICE S$25.5 MILLION
GUIDE PRICE
S$25.5 MILLION
S$25.5 MILLION
GCB Listing 2
GCB ALONG BELMONT ROAD
| Land Area | 27,500 sq ft est |
| Built-up Area | 6,500 sqft est |
| Other Details |
|
GUIDE PRICE S$50 MILLION
GUIDE PRICE
S$50 MILLION
S$50 MILLION
GCB Listing 3
2-STOREY GCB IN BIN TONG PARK
| Land Area | 16,500 sq ft est |
| Built-up Area | 6,000 sq ft est |
| Other Details |
|
GUIDE PRICE S$40,8 MILLION
GUIDE PRICE
S$40,8 MILLION
S$40,8 MILLION
GCB Listing 4
2-STOREY GCB IN SWETTENHAM/PEIRCE VICINITY
| Land Area | 15,850 sq ft est |
| Built-up Area | 11,000 sq ft est |
| Other Details |
|
VIEW TO OFFER
FEATURED
PRESTIGE LANDED PROPERTY LISTINGS
Landed Listing 1
3-STOREY TERRACE IN SWISS CLUB AREA
| Land Area | 1,904 sq ft est |
| Built-up Area | 3,600 sq ft est |
| Other Details |
|
VIEW TO OFFER
Landed Listing 2
BRAND NEW 2 ½ STOREY SEMI-DETACHED IN HENRY PARK ESTATE
| Land Area | 4,000 sq ft est |
| Built-up Area | 8,500 sqft est |
| Other Details |
|
GUIDE PRICE S$14.88 MILLION
GUIDE PRICE
S$14.88 MILLION
S$14.88 MILLION
Landed Listing 3
BRAND NEW SEMI-DETACHED AND BUNGALOWHOUSE IN GREENBANK PARK
| Land Area | 3,312 & 4,843 sqft est |
| Built-up Area | 5,4xx sqft est (semi D) & 8,3xx sqft est (Bungalow) |
| Other Details |
|
GUIDE PRICE
S$9.X TO S$15 MILLION
S$9.X TO S$15 MILLION
Landed Listing 4
2 ½ STOREY DETACHED HOUSE IN NANYANG PRIMARY SCHOOL VICINITY
| Land Area | 9,000 sq ft |
| Built-up Area | 4,000 sq ft |
| Other Details |
|
GUIDE PRICE S$21.8 MILLION
GUIDE PRICE
S$21.8 MILLION
S$21.8 MILLION
Landed Listing 5
LANDED HOMES ALONG KHEAM HOCK ROAD IN D11
| Land Area | 2,153 to 7,128 sq ft est |
| Built-up Area | 6,428 to 13,607 sq ft est |
| Other Details |
|
GUIDE PRICE
S$9.4 TO $24.7 MILLION
S$9.4 TO $24.7 MILLION
Landed Listing 6
BRAND NEW FREEHOLD TERRACE ALONG MOUNT ROSIE ROAD
| Land Area | 3,741 sq ft est |
| Built-up Area | 9,041 sq ft est |
| Other Details |
|
GUIDE PRICE $13.8 MILLION
GUIDE PRICE
$13.8 MILLION
$13.8 MILLION
Landed Listing 7
2.5-STOREY DETACHED HOUSE IN HENRY PARK AREA, GROVE DRIVE
| Land Area | 5,320 sqft est |
| Built-up Area | 12,109 sq ft |
| Other Details |
|
GUIDE PRICE S$19.8 MILLION
GUIDE PRICE
S$19.8 MILLION
S$19.8 MILLION
Landed Listing 8
THE HILL COLLECTION – CLIFTON VALE
| Land Area | 4,300 to 5,700 sq ft est |
| Built-up Area | 8,700 to 13,500 sq ft es |
| Other Details |
|
GUIDE PRICE
S$12.8 TO $14.68 MILLION
S$12.8 TO $14.68 MILLION
Landed Listing 9
3-STOREY DETACHED HOUSE IN SHEPHARD’S HILL ESTATE IN DISTRICT 3
| Land Area | 5,155 sq ft |
| Built-up Area | 13,615 sq ft |
| Other Details |
|
GUIDE PRICE S$19.8 MILLION
GUIDE PRICE
S$19.8 MILLION
S$19.8 MILLION