Savills Singapore has reported a significant rise in the average median rents for 3-bedroom units in Singapore’s prime districts. In Q1 2025, District 1 (Boat Quay/Marina/Raffles Place) saw rents increase by 8.5% to $6,750 (S$9,225), whilst District 2 (Chinatown/Tanjong Pagar) experienced a 14.3% rise to $5,850 (S$8,000). Meanwhile, District 4 (Harbourfront/Telok Blangah) saw a slight decrease of 0.6%, bringing rents to $6,000 (S$8,200).
The rental market for 1-to-5-bedroom units across all market segments also saw increases, with the Core Central Region (CCR) rising by 1.3%, the Rest of Central Region (RCR) by 1.4%, and the Outside Central Region (OCR) by 1.5%. The most popular rental types, 1-to-3-bedroom units, experienced a 2.2% increase in the CCR, whilst the RCR and OCR saw marginal rises of 0.1% and 0.2%, respectively.
George Tan, Managing Director of Livethere Residential at Savills Singapore, noted, “Leasing activities remained resilient with tenant interest continuing at a consistent pace, which reflects demand but increasingly becoming selective.” He added that the market is stabilising, with prices expected to hold steady for the rest of the year.
Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, highlighted the impact of economic uncertainty on corporate expansion plans, which may slow down hiring. He also pointed out that higher property taxes and inflationary pressures are discouraging landlords from accepting lower rental offers.
Overall, Savills expects rents to remain stable throughout 2025, with some districts potentially experiencing varied rental trajectories.
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