Softer Resale Land Prices Despite Growing Resale Activity in September

Landed home resale activity in September improved marginally following a slowdown in August due to the seasonal lull from the Hungry Ghost Month. Based on URA Realis caveat data, about 174 landed homes were transacted on the resale market in September 2025; the combined transaction value came up to $1.05 billion - compared to August (170 deals valued at $994.7 million). Upon an analysis of each transaction and their respective gains, most landed deals were profitable.

There was a bigger proportion of higher priced landed homes being sold compared with the previous month amidst a recovery in sales transactions. Based on URA Realis caveat data, about 46% of resale landed homes sold in September were priced at $5 million and above, compared with about 42.4% in August. Meanwhile, 54% of the resale landed transactions were priced at below $5 million in September - slipping from the 57.6% proportion in the previous month.

Chart 1: Price range of private resale landed transactions in August 2025 vs September 2025

Growth of landed home resale prices in September 2025 was largely uneven. The overall landed homes resale prices dipped by 2.3% month-on-month (MOM) to $1,843 psf; while prices were still up by 3.4% compared to a year before. The month-on-month decrease in resale landed prices was led by the weakening of prices in the Core Central Region (CCR) and Rest of Central Region (RCR) and which fell by 17.8% and 2.2% MOM, respectively. Homes in the Outside Central Region (OCR), bucked the trend, strengthening by 5.2% MOM. By property type, detached and semi-detached homes saw average prices drop sharply by 27% MOM and 5.1% MOM respectively in September. (see table 1 below).

Table 1: Average Unit Prices ($PSF) of Resale Landed Homes by month

Resale landed homes performance by property type in September 2025

Table 2: Top 3 resale landed transactions by landed property type, in terms of estimated gains*

Top landed transaction with highest gains (Detached)

The top performing detached home transaction and overall landed transaction for the month was for a Good-class Bungalow along Jalan Pelangi in District 10 (Bukit Timah) that was sold for $23.88 million, up by more than $15 million from the last caveat lodged in December 2007 - this reflects an annualised profit of 5.9% after a holding period of nearly 18 years. The GCB property is situated within the Oei Tiong Ham GCB area, has a land area of nearly 9,000 sq ft which reflects a unit price of $2,657 psf on land area.

Top landed transaction with highest gains (Semi-Detached)

The best-performing semi-detached transaction was for the sale of a semi-detached property in Duchess Avenue in Bukit Timah (District 10). It was sold for nearly $11.4 million in September, with its last caveat being lodged in April 2002. The sale price is up by $11.35 million from the previous caveated price, representing an annualised gain of 8.4% per year over 23 years. The freehold property is just a short walk to the Tan Kah Kee MRT station. The property is within close proximity to a number of reputable schools in Bukit Timah, including Hwa Chong Institution, Raffles Girls Primary School and Nanyang Girls' High School.

Top landed transaction with highest gains (Terrace House)

The best-performing terrace home transaction was for a terrace house along Joo Chiat Place in District 15. The freehold property was sold for $5.65 million, reflecting an estimated gain of $4.05 million, representing an annualised gain of 8.6% per year from its last caveat lodged in May 2010, with a holding period of over 15 years. The freehold property is situated within the neighbourhood of Joo Chiat. Joo Chiat is one of Singapore's most charming and culturally rich neighbourhoods, where colourful Peranakan shophouses stand alongside trendy cafs, beloved eateries, and indie boutiques - a vibrant blend of old and new.

If you are looking for high-end homes or good class bungalows in Singapore, contact PropNex's GCB and Prestige Landed department for buying and insights on the landed residential property market.

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