Leasing contracts for private residential properties in Singapore surged by 24.2% quarter-on-quarter in Q3 2025, reaching 26,882 contracts, according to Savills Singapore. This marks the highest quarterly volume in four years, driven by seasonal factors such as the start of the academic year for international schools. The increase also represents a 3.2% year-on-year rise from the same period last year.
Landed homes saw the most significant growth with a 36.4% increase, whilst non-landed units grew by 23.6%. The Outside Central Region (OCR) led the non-landed segment with a 24.6% rise, followed by the Rest of Central Region (RCR) and Core Central Region (CCR) with gains of 24.2% and 21.7%, respectively.
Despite the robust leasing activity, the number of Employment Pass holders has been declining, dropping from 205,400 in December 2023 to 201,200 by June 2025. Alan Cheong, Executive Director of Research and Consultancy at Savills Singapore, noted, “All may be well with the leasing market for now, but the road ahead is clouded by business uncertainty.”
Normanton Park emerged as the top non-landed residential project with 199 leasing contracts, overtaking The Sail @ Marina Bay, which fell to third place with 156 leases. Midtown Modern, completed in Q1 2025, ranked second, benefiting from its connectivity to Bugis Interchange MRT Station and local amenities.
Looking forward, the rental market may face moderation due to ongoing business uncertainties and economic factors. Although the Urban Redevelopment Authority’s rental index increased by 2.4% year-to-date, private residential rents are expected to remain flat for the remainder of 2025.
