After nearly two years in the doldrums, the property market in Singapore’s Core Central Region (CCR) may be turning a corner.
With five major launches lined up and price gaps between city and suburb narrowing, is it time for buyers to take a fresh look at the prime segment?
Table of contents
- Looking back at the reasons for property market decline in CCR
- A turning point in 2025: New launches, new momentum
- Outlook for 2025 and beyond: Opportunity or uphill climb?
Looking back at the reasons for property market decline in CCR
Singapore’s Core Central Region has long been a magnet for foreign buyers, especially in high-end districts like Orchard (D9), Tanglin/Holland (D10), and Novena (D11). At their peak in 2011, foreigners accounted for up to 36% of purchases in districts like D9 and D1.
However, that trend has reversed sharply in the past decade. By 2021, foreign buyer shares in D9 and D10 had fallen to just 4% and 9%, respectively. Today, foreign ownership is at a 17-year low, with locals and PRs forming the bulk of CCR buyers. Even traditionally foreign-preferred areas like Sentosa Cove have seen significant price declines since their 2011 highs.
After the government raised Additional Buyer’s Stamp Duty (ABSD) rates in April 2023, bringing the rate for foreign buyers to a steep 60%, the demand for luxury homes in the CCR fell sharply.
Developers pulled back new launches, transaction volumes shrank, and prices stagnated. Over 2023 and 2024, foreign interest all but disappeared, and local buyers turned to more affordable projects in the Rest of Central Region (RCR) and Outside Central Region (OCR).
The number of new homes launched in the CCR reflected this cooling sentiment. In 2023, only 630 units were introduced. This fell further in 2024, with just 680 units brought to market.
A turning point in 2025: New launches, new momentum
Now, things may be starting to shift.
In 2025, around 2,500 new homes across five CCR projects are expected to be launched, marking a significant increase in supply and a potential reset in market sentiment. This fresh wave of launches is seen as a vote of confidence by developers, although demand is still expected to be driven mostly by locals.
In Q1 2025, the CCR recorded a small quarterly price increase, despite just one new launch—Aurea at Golden Mile—hitting the market. Analysts believe this boost is due to price-sensitive local buyers stepping in, as prices in the suburbs have climbed and the CCR now looks comparatively more attractive.
Buyers are also becoming more selective. Projects in well-connected, amenity-rich areas like Orchard are likely to see stronger interest, while launches in Central Business District (CBD) zones may appeal less to families due to limited schools and daily conveniences.
Some developers are also likely to adopt tiered pricing strategies, offering competitive early-bird prices to build sales momentum. Price expectations for the new CCR launches range between S$2,800 and S$3,300 psf, depending on location and unit mix.
For context, CCR condos transacted at a median of S$3,305 psf last year. The staggered pricing could help in attracting more buyers to the CCR launches, away from the new projects lined up in the rest of Singapore.
Upcoming CCR projects in 2025
| Project | Developer | Location | District | Tenure | Estimated units | Estimated launch period |
|---|---|---|---|---|---|---|
| W Residences Singapore – Marina View | IOI Properties | Marina View | 1 | 99 years | 683 | Apr |
| Upperhouse @ Orchard Boulevard | UOL Group, Singapore Land Group | Orchard Boulevard | 9 | 99 years | 301 | May |
| The Robertson Opus | Frasers Property, Sekisui House | Robertson Walk | 9 | 999 years | 348 | Jul |
| Holland Drive | CapitaLand Development, UOL, Singapore Land Group, Kheng Leong Group | Holland Drive | 10 | 99 years | 666 | Q3 |
| RiverGreen | Wing Tai Holdings | River Valley Green | 9 | 99 years | 525 | Q3 |
| Total | 2,523 | |||||
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Outlook for 2025 and beyond: Opportunity or uphill climb?
Analysts say the path forward looks cautiously optimistic, but it’s not without hurdles.
The shrinking price gap between the CCR and other regions is one key factor. In late March 2025, the price difference between CCR and RCR condos was just 4.1%, while the gap between CCR and OCR dropped to 20.6%. This is the narrowest it has been in years.
The receding price gap could spur local buyers to reconsider CCR properties, particularly resale units that offer better value in terms of psf and space.
Still, affordability remains an issue. While psf prices may be narrowing, CCR units are often larger, resulting in higher overall quantum, and putting them out of reach for many salaried workers. Foreign demand is also unlikely to return in full force as long as the 60% ABSD remains in place.
Global uncertainty may also cast a shadow. Trade tensions and fears of recession; amplified by new tariffs from the US, may dent foreign investor confidence further. At the same time, construction costs remain high and could go higher if supply chains tighten.
That said, the narrative is shifting. From a segment sidelined by cooling measures, the CCR may slowly be repositioning as a value play for long-term local buyers; especially those eyeing freehold properties in prime districts.
The comeback may not be loud, but it’s starting to take shape.
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