Singapore Condo Prices Hit New Record High! Average Price Reaches $2,295 PSF

Singapore Condo Prices Hit New Highs! CCR and RCR Projects Lead the Surge

Despite global economic headwinds clouded by rising tariffs and external uncertainties, the Singapore property market continues to defy trends and push upwards.

According to the latest data from the Urban Redevelopment Authority (URA), the average price of non-landed private residential homes (excluding Executive Condominiums) surged to $2,295 per square foot (psf) between July and August 2025. This marks a 13.2% increase from $2,027 psf in Q2, setting a new record high.

Key Drivers of the Price Surge: Core Central Region and City Fringe

This wave of price gains was primarily propelled by developments across the **Core Central Region (CCR) and the Rest of Central Region (RCR)**.

Average condo prices in the CCR leaped from **$2,326 psf to $2,937 psf** between July and August—a 26.2% jump, and up nearly 30% compared to the same period last year.

The Rest of Central Region (RCR) also posted robust gains, with average prices rising to **$2,384 psf**, surpassing the previous peak set in Q4 last year.

Market analysts note that the rally in CCR prices comes as no surprise. With the launch of several major new developments, homebuyer interest remains strong, with many willing to pay a premium for prime locations.

Top Sellers: River Green and The Robertson Opus Lead the Pack

River Green emerged as the standout project in August.

Located in the River Valley enclave near Orchard Road, the Central Business District (CBD), and Great World MRT station, the project sold 86.1% of its units (451 homes) within just one month of launch, achieving an average price of **$3,120 psf**.

Another crowd favourite, The Robertson Opus along Unity Street, saw intense demand thanks to its rare 999-year leasehold tenure and prime address. The development moved 162 units across July and August at an average of **$3,354 psf**.

Other top-performing CCR developments included Upperhouse @ Orchard Boulevard, Hill House, and Orchard Sophia.

Policy Impact: New GFA Harmonisation Rules Lift PSF Prices

Recent adjustments to the Gross Floor Area (GFA) definitions have also indirectly driven up unit psf prices.

Under the harmonised GFA rules, developers can no longer count void spaces or air-con ledges into the saleable strata area. This translates to smaller "official" unit sizes on paper, consequently lifting the nominal per-square-foot price.

The government's objective is to provide buyers with greater transparency regarding actual live-in usable space, while encouraging developers to design more functional, efficient layouts.

Luxury Segment Sizzles: Over Half of Transactions Surpass $3,000 PSF

Over July and August, the CCR registered 1,221 transactions. Nearly 60% (58.6%) were transacted above $3,000 psf, with 35 units breaching $3,600 psf and nine crossing $4,000 psf across luxury projects such as 21 Anderson, Boulevard 88, and 3 Orchard By-The-Park.

A total of 70 luxury homes changed hands for over $5 million, including nine that fetched upwards of $10 million.

The two most expensive transactions were freehold units at 21 Anderson, each transacting at an eye-watering **$52.25 million**.

RCR City Fringe Projects: Average Price Inches Towards $2,400 PSF

Average prices in the Rest of Central Region (RCR) also charted new highs:

Average prices in July–August hit $2,384 psf, up from $2,062 psf over the same period last year

Resale condo prices also climbed to an average of $1,928 psf

Popular projects include LyndenWoods, Promenade Peak, Bloomsbury Residences, Grand Dunman, One Marina Gardens, Amber House, and Nava Grove.

Developer Strategy: Managing Quantum to Keep Homes Affordable

Despite climbing psf prices, developers have remained disciplined with pricing strategies, deliberately managing the overall price quantum to ensure entry budgets remain palatable for buyers.

For instance:

Units sized between 600 and 800 sq ft held steady around **$1.9 million**

Units between 800 and 1,000 sq ft eased slightly from **$2.4 million to $2.3 million**

Units spanning 1,200 to 1,400 sq ft maintained at **$3.3 million**

This shows that while psf price benchmarks have risen, developers are moderating absolute price quantum to keep units accessible for middle-class buyers and upgraders.

Outlook: Pipeline of New Launches to Underpin Prices

With upcoming projects including Penrith, The Sen, Zyon Grand, and the **River Valley Green Parcel B (GLS site)** entering the market, underlying demand is anticipated to remain resilient.

Penrith (jointly developed by Hong Leong Holdings and GuocoLand) is located in Queenstown with direct MRT connectivity, just minutes away from Orchard Road and Holland Village.

Zyon Grand (City Developments Limited × Mitsui Fudosan) sits along Kim Seng Road, offering direct access to Havelock MRT station and Great World City.

River Valley Green Parcel B (GuocoLand) is slated for launch in 2026, delivering approximately 475 residential units.

The Sen (Sustained Land) is nestled within a lush landed residential enclave in District 21, providing a tranquil environment well-suited for families.

Analysts believe these pipeline launches will further support price benchmarks across the city and fringe regions, with selected prime pockets potentially setting fresh records.

Higher Prices Reflect Structural Upgrades, Not a Bubble

Whether in prime CCR luxury enclaves or city fringe projects, the core fundamentals driving Singapore property price appreciation remain unchanged: limited land supply, policy stability, and resilient demand.

While future price growth may moderate, the long-term trajectory remains firmly upward.