Industry News

Singapore’s real estate market experienced a significant shift in Q2 2025, with residential sales plummeting by 64.1% compared to the previous quarter, according to the Urban Redevelopment Authority (URA). The decline, from 3,375 units in Q1 to 1,212 in Q2, was attributed to fewer project launches and reduced homebuyer activity. Despite this, the URA All Residential Price Index rose by 1.0% quarter-on-quarter, reflecting a resilient pricing environment.

In the Core Central Region, prices increased by 3.0% quarter-on-quarter, driven by new sales from developments like 21 Anderson. Leonard Tay, Head of Research at Knight Frank Singapore, noted a shift in buyer sentiment, with more homeowners willing to negotiate prices amidst global political and economic uncertainties. “Local homebuyers are expected to support activity in the prime home market segment,” Tay stated.

The office sector saw a slight decline in rental rates, with a 0.3% drop in Q2 2025. Occupancy levels rose marginally to 88.6%, though rents remained stable due to ongoing trade tensions. Knight Frank’s survey highlighted that 37.7% of global corporates prioritise enhancing operational efficiency amidst economic headwinds.

Retail space rents grew by 0.9% quarter-on-quarter, despite challenges such as rising operating costs and labour constraints. The food and beverage sector, in particular, faced intense competition, with operating expenditure reaching a record S$12.3b in 2023.

Looking ahead, the real estate market faces challenges from protectionist trade policies and geopolitical tensions. However, new launches and local demand are expected to sustain moderate growth in the residential sector, whilst the office and retail markets navigate an uncertain global landscape.
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The private residential market in Singapore has demonstrated remarkable resilience, with prices continuing to rise despite a 29.4% quarter-on-quarter decline in sales volume to 5,128 units in Q2 2025. According to Cushman & Wakefield’s Head of Research, Singapore & SEA, Wong Xian Yang, the market’s strength is driven by steady owner-occupier demand and the attractiveness of resale properties due to rising rents and lower interest rates.

The resale market accounted for 71.1% of the total sales volume, with resale transactions increasing by 2.3% quarter-on-quarter to 3,647 units. In contrast, new sales volume fell by 64.1% to 1,212 units due to fewer new launches. Despite this, new launches in July have shown positive momentum, with developments like LyndenWoods and UpperHouse achieving significant sales during their launch weekends.

Private residential property prices rose by 1.0% quarter-on-quarter in Q2 2025, supported by new launches. Landed residential prices saw a notable increase of 2.2% quarter-on-quarter, driven by limited supply and strong local demand. Non-landed residential prices grew by 0.7%, with the Core Central Region (CCR) and Outside Central Region (OCR) leading the growth.

Looking ahead, private residential prices are forecasted to grow by around 2-3% year-on-year for the whole of 2025. Despite low unsold inventory, developers are expected to remain cautious in their land banking activities, with new launches anticipated to be priced competitively due to heightened construction costs. Rents are also expected to grow by 3.0%-5.0% year-on-year in 2025, supported by steady demand and low new completions.
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HDB resale prices have continued their upward trajectory for the 21st consecutive quarter, with a 0.9% increase in Q2 2025, according to Christine Sun’s, Chief Researcher & Strategist, Realion Group, analysis of the latest public housing data. This marks a slowdown from the 1.6% rise in Q1 2025 and reflects a broader trend of decelerating price growth. The year-on-year increase is also lower than the 2.3% recorded in Q2 2024.

The slower pace of price growth is attributed to a substantial increase in the supply of new flats, with over 20,000 new build-to-order (BTO) and sale-of-balance flats (SBF) launched in February and July. Many of these new flats are in desirable locations and offer shorter completion times, alongside generous grants and deferred income assessments for eligible buyers.

Despite the slowdown, the current streak of price growth is the longest ever recorded, surpassing the 20 consecutive quarters from Q4 1991 to Q4 1996. However, the recent increases are modest compared to the dramatic spikes of the 1990s, when prices surged by 294.4%.

Resale volume also saw a rise, increasing by 7.8% from 6,590 units in Q1 2025 to 7,102 units in Q2, likely due to the absence of BTO launches in the second quarter. Year-on-year, however, resale volume declined by 3.4%.

HDB rental demand is recovering, with a 4.2% increase in approved rental applications from Q1 to Q2 2025. As private rents become more competitive, rent prices are expected to rise modestly by 1 to 2% for the year.

Looking ahead, HDB resale price growth is expected to continue modestly, driven by stable economic fundamentals and declining interest rates. Prices may rise by 4 to 5.5% for the whole of 2025, with 27,000 to 28,000 resale homes anticipated to be transacted. The Draft Master Plan 2025 could boost interest in areas like Bishan, Dover, and Sengkang, as new community hubs and amenities are developed.
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Singapore’s property market has demonstrated resilience in Q2 2025, with a moderate 1% increase in property prices, according to Huttons Asia. This comes amid global uncertainties, including the US’s imposition of tariffs on numerous countries in April 2025. Although these tariffs were temporarily paused for 90 days, the potential impact on the property market remains a concern for some buyers.

Non-landed homes in the Core Central Region (CCR) saw a notable 3% price increase, outpacing other regions. However, transaction volumes dipped by 29.4% quarter-on-quarter to 5,128 units, though they were up 4.3% year-on-year. The Good Class Bungalow (GCB) market experienced a significant surge, with 11 transactions valued at over $300 million, compared to just two in the previous quarter.

Mark Yip, CEO of Huttons Asia, highlighted the robust demand for properties, noting that “buyers viewed investment in properties as a safe option in times of uncertainty.” The top-selling projects in Q2 2025 included One Marina Gardens, Bloomsbury Residences, and The Hill @one-north, with One Marina Gardens selling 479 units.

The rental market also strengthened, with a 0.8% increase in rents, driven by a low supply of completed homes. The CCR is expected to see stronger rental growth in the coming years due to limited supply.

Looking ahead, the Singapore property market is poised for continued growth, with developers expected to sell between 7,500 and 8,500 units in 2025. Prices are projected to rise by 4% to 7%, supported by improved sales sentiments and a resilient economy.
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Singapore-listed entities have been recognised for their outstanding corporate governance, with 53 entities achieving ASEAN Asset Class status in the 2024 ASEAN Corporate Governance Scorecard (ACGS). This accolade highlights Singapore’s commitment to governance excellence, representing about a fifth of the 250 top-scoring entities across ASEAN.

The ACGS, a joint initiative by the ASEAN Capital Markets Forum and the Asian Development Bank, involves six countries: Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. The Centre for Governance and Sustainability (CGS) at the National University of Singapore (NUS) Business School and the Singapore Institute of Directors (SID) have been the domestic ranking bodies since 2013.

This year’s assessment introduced new questions on sustainability and resilience, reflecting the evolving business landscape. Singapore’s top 100 SGX-listed entities, including 71 companies and 29 trusts or REITs, were evaluated. The 53 entities recognised as Tier 1 scored an average of 106.9 out of 130, showcasing strengths in shareholder rights and sustainability. In contrast, Tier 2 entities averaged 88.8 points.

John Lim, a Singapore Corporate Governance Expert, emphasised the strategic importance of strong governance amidst geopolitical changes. “The strong showing by Singapore entities affirms our continued commitment to excellence in governance,” he stated.

Professor Lawrence Loh, Director of CGS, praised the entities for their governance performance, particularly in sustainability. He expressed hope for further improvements in board effectiveness and transparency.

In the 2024 ACGS results, Oversea-Chinese Banking Corp (OCBC) led the rankings, followed by CapitaLand Investment and CapitaLand Integrated Commercial Trust.
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Tsuburaya Productions has announced the release of two new Ultraman Card Game expansions, coinciding with the premiere of the Ultraman Omega TV series in Japan. The Starter Deck 03 ‘Ω to the Future’ is available today, whilst the Booster Pack 04 ‘Gleam of Eternal Hope’ will launch on 1 August 2025. These expansions introduce new gameplay mechanics and characters, including the debut of Ultraman Omega in card form.

The Starter Deck 03 ‘Ω to the Future’ features exclusive cards such as Ultraman Omega, Meteokaiju, and Ultraman Arc, designed to reflect the live-action series. This deck introduces fresh gameplay strategies that reward synergy and strategic planning, allowing players to relive key moments from the series. As a bonus, purchasers of the starter deck will receive a preview pack of the upcoming booster pack.

Booster Pack 04 ‘Gleam of Eternal Hope’ expands the card universe with upgraded versions of Ultra Heroes like Ultraman Dyna, Ultraman Z, and Ultraman Trigger. Each 24-pack box includes a special box topper card featuring Alien Baltan, a classic villain known for its illusory powers.

The Ultraman Card Game is gaining traction globally, with the Asia-Pacific region leading the resurgence of trading card games. These new releases are expected to bolster the game’s popularity ahead of the Ultra League World Championship 2026 in Tokyo. Fans can purchase the new decks at authorised hobby stores, major retailers, and online platforms in Singapore.
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Singapore’s industrial sector continues to demonstrate resilience, with rents and prices experiencing moderate growth in Q2 2025, according to Cushman & Wakefield’s analysis of JTC’s Quarterly Market Report. The Purchasing Managers’ Index rose to 50 in June, indicating a return to expansion after months of contraction. This suggests a cautious recovery in manufacturing sentiments, despite ongoing uncertainties.

Overall industrial rents increased by 0.7% quarter-on-quarter (qoq) in Q2 2025, marking the 19th consecutive quarter of growth. This was supported by steady asking rents in new developments, driven by higher construction costs. Meanwhile, owners of older properties have shown flexibility in rents to maintain high occupancy rates. Business parks recorded the strongest rental growth at 1.2% qoq, followed by multiple-user factories at 0.9% qoq.

Vacancy rates rose slightly by 0.2 percentage points to 11.2% in Q2 2025, with warehouses and multiple-user factories experiencing higher vacancies due to increased supply. Notable completions include JTC Space @ Ang Mo Kio and Mapletree Joo Koon Logistics Hub. Despite this, new multi-user prime logistics spaces have seen steady take-up rates, reflecting tenant interest in quality spaces.

Industrial prices rose by 1.4% qoq, marking the fifth consecutive quarter of increase. Transaction volumes also increased by 7.1% qoq to 435 transactions, with investors showing keen interest in new economy assets like data centres and life science facilities. The industrial enbloc market has seen a resurgence, with two successful deals in H1 2025, highlighting investor interest in freehold sites with potential for long-term appreciation.
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Private home prices in Singapore experienced a measured increase of 1.0% quarter-on-quarter (QOQ) in Q2 2025, according to the latest statistics from the Urban Redevelopment Authority (URA). This growth, slightly higher than the earlier flash estimate of 0.5%, comes amidst fewer project launches. Meanwhile, Housing and Development Board (HDB) resale flat prices saw their slowest quarterly increase since Q2 2020, rising by just 0.9% QOQ.

The Core Central Region (CCR) led the price growth for non-landed private homes with a 3.0% QOQ increase, whilst the Rest of Central Region (RCR) saw a decline of 1.1% QOQ. Landed homes continued their upward trend with a 2.2% QOQ rise. Despite the overall price increase, developers sold only 1,212 new units, marking a 64% drop from Q1 2025. However, this was a 67% increase compared to Q2 2024.

Kelvin Fong, CEO of PropNex, noted, “We continue to see price stabilisation in the private housing market in Q2 2025, which will benefit prospective buyers and investors looking to acquire a private home.” He highlighted that 66% of new non-landed private homes sold were priced under $2.5 million, aligning with current buyer preferences.

In the HDB sector, 7,102 flats were resold in Q2 2025, a 7.8% increase from the previous quarter. Wong Siew Ying, Head of Research and Content at PropNex Realty, projected that HDB resale prices could rise by 4% to 5% in 2025, a slowdown from the 9.7% increase in 2024.

Looking ahead, PropNex anticipates a rebound in new home sales in Q3 2025, with over 3,400 new condos expected to launch. The market remains optimistic despite potential risks, supported by sensitive pricing and a manageable level of unsold homes.
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DoubleVerify’s 2025 Global Insights: APAC Report reveals that Singapore is grappling with a significant rise in ad fraud and invalid traffic violations, with a 1.6% fraud rate, one of the highest in the Asia-Pacific (APAC) region. This comes as the region’s brand suitability violation rate is now 50% higher than the global average, posing a challenge for marketers aiming to optimise their return on investment (ROI).

The report underscores the impact of media quality on ad spend, noting that Singapore’s consumers are among the most digitally engaged in APAC, spending over 3.8 hours daily on online content. However, nearly half of these consumers use ad blockers, which contributes to media waste and lost ROI when ads appear in unsafe or non-viewable environments. DoubleVerify highlights that brands using protection tools can significantly reduce waste, saving an estimated $336,000 per billion impressions globally by avoiding unsuitable placements.

Conrad Tallariti, Managing Director of APAC at DoubleVerify, emphasised the importance of bridging the gap between attention and authentic viewability. He noted that the rise in non-human traffic and bot fraud, driven by AI-driven scraping, is eroding ad spend in Singapore, one of Asia’s most digitally advanced markets.

The report also provides insights into media quality benchmarks and practical steps for Southeast Asian marketers to safeguard their campaigns. As the digital landscape evolves, prioritising brand suitability, viewability, and fraud prevention remains crucial for advertisers to enhance campaign performance and ROI.
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Singapore’s private residential market demonstrated resilience in Q2 2025, with prices rising by 1% quarter-on-quarter, despite a notable slowdown in sales activities. This increase, reported by the Urban Redevelopment Authority (URA), comes amidst escalating global trade tensions and geopolitical conflicts, which have dampened market sentiment.

The number of new private homes launched by developers fell sharply by 51.6% from 3,139 units in Q1 2025 to 1,520 units in Q2 2025. Sales also dropped by 64.1% to 1,212 units. This decline is attributed to cautious market sentiment and the seasonal lull during the June school holidays, according to Chia Siew Chuin, Head of Residential Research at JLL Singapore.

Despite these challenges, the private residential price index’s growth was driven by a 2.2% increase in the landed property segment, whilst non-landed properties saw a modest 0.7% rise. The Core Central Region (CCR) outperformed with a 3% price increase, bolstered by the launch of 21 Anderson and ongoing sales from other CCR projects.

The unsold inventory of private residential units grew slightly by 2.1% to 18,653 units, yet remains significantly below pre-COVID levels. This indicates a healthy demand, particularly in the CCR, where local buyers dominate.

Looking ahead, developers are expected to remain cautious in land acquisition due to tight profit margins and market uncertainties. However, the stable leasing market, evidenced by a 0.8% rise in private home rents, suggests continued resilience in the sector.
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