CGS International
Report Date: September 15, 2025
Singapore Property Market Surges in August 2025: Key Insights, Company Highlights, and Outlook
Singapore Property Market: Robust August Sales Signal Dynamic 2025 Outlook
Singapore’s property sector witnessed a remarkable surge in new home sales for August 2025, with brisk momentum expected to continue into the coming year. This comprehensive analysis covers the latest market data, sector outlook, and detailed profiles of the top listed developers, providing investors and market watchers with actionable insights.
August 2025: New Home Sales Soar
- Monthly sales jump: Singapore’s private home sales (excluding Executive Condominiums, ECs) hit 2,142 units in August 2025—a 128% month-on-month (mom) increase and a tenfold surge compared to August 2024.
- Total sales including ECs: 2,338 units were sold in total, including 196 ECs.
- Key projects driving sales: Springleaf Residence, River Green Promenade Peak, and Canberra Crescent Residence accounted for 80% of sales in August.
The Outside Central Region (OCR) led with 54% of monthly sales, while the Core Central Region (CCR) and Rest of Central Region (RCR) contributed 24% and 22% respectively.
Year-to-Date Performance and Price Trends
- 8M25 (Jan-Aug 2025) sales: Excluding ECs, new home sales reached 7,716 units—185% higher year-on-year, already 96% of the annual forecast (~8,000 units).
- Price growth: Private home prices rose 1.8% in the first half of 2025. CCR prices climbed 3.6%, while suburban homes saw a 1.4% uptick.
- Resale market: Private resale prices rose 3.5% in the first 7 months of 2025, with July resale volumes jumping 15.1% mom.
Sector Outlook: Neutral Stance Amid Macro Uncertainties
While mortgage rates have eased due to a declining interest rate environment, CGS International maintains a Neutral sector outlook. The rationale:
- Potential headwinds from a slower macroeconomic environment may temper buyer sentiment, especially for high-value purchases like housing.
- Singapore developers are trading at a 50% discount to RNAV (Revalued Net Asset Value) and at 0.62x FY25F Price/Book Value, offering value but with limited upside potential over the next 12 months.
Sector upside risks: Strong sell-through rates for new launches and continued price appreciation.
Sector downside risks: A sluggish economic backdrop potentially dampening demand.
Top Developer Picks: Detailed Analysis
CGS International’s preferred picks for the sector are UOL Group, Capitaland Investment (CLI), and City Developments (CDL)—each offering unique strengths and opportunities for investors.
UOL Group
- Rating: ADD
- Target Price: S\$8.20
- Last Close: S\$7.75
- Discount to RNAV: 43%
- Key strengths: High recurring income base from rentals, hotel operations, and investment holdings. Substantial office exposure through Singapore Land Group. Robust balance sheet supports acquisition and redevelopment opportunities, notably Clifford Centre.
Capitaland Investment (CLI)
- Rating: ADD
- Target Price: S\$4.30
- Last Close: S\$2.77
- Discount to RNAV: 42%
- Key strengths: One of Asia’s largest real estate investment managers. Growth in funds under management, efficient capital deployment, and improved performance in investment and lodging properties underpin prospects for ROE expansion and share price re-rating.
City Developments (CDL)
- Rating: ADD
- Target Price: S\$8.97
- Last Close: S\$6.78
- Discount to RNAV: 58%
- Key strengths: Active land restocking and a robust launch pipeline support visibility of residential earnings. Value unlocking activities and hospitality sector recovery offer further catalysts for share price upside.
Comprehensive Peer Comparison: Singapore Property Developers
| Company |
Bloomberg Ticker |
Recommendation |
Price (S\$) |
Target Price (S\$) |
Market Cap (US\$ m) |
FY24A P/E (x) |
FY25F P/E (x) |
FY26F P/E (x) |
RNAV (S\$) |
Prem./(Disc.) to RNAV |
FY25F P/BV (x) |
FY25F Dividend Yield (%) |
| APAC Realty Ltd |
APAC SP |
Add |
0.94 |
0.81 |
263 |
35.1 |
17.8 |
15.0 |
n.a. |
n.a. |
1.96 |
4.0% |
| Capitaland Investment |
CLI SP |
Add |
2.77 |
4.30 |
10,760 |
29.1 |
16.9 |
15.8 |
4.78 |
-42% |
0.97 |
4.3% |
| City Developments |
CIT SP |
Add |
6.78 |
8.97 |
4,717 |
30.4 |
7.9 |
21.9 |
16.32 |
-58% |
0.66 |
1.8% |
| Frasers Property Limited |
FPL SP |
Add |
1.07 |
1.41 |
3,272 |
12.1 |
21.3 |
21.2 |
2.57 |
-58% |
0.41 |
4.2% |
| Hongkong Land Holdings Ltd |
HKL SP |
Hold |
6.61 |
4.91 |
14,379 |
35.6 |
21.7 |
21.0 |
na |
na |
0.47 |
3.6% |
| Propnex Ltd |
PROP SP |
Add |
2.38 |
1.77 |
1,372 |
43.0 |
22.3 |
20.7 |
n.a. |
n.a. |
12.14 |
4.3% |
| UOL Group |
UOL SP |
Add |
7.75 |
8.20 |
5,099 |
22.8 |
19.4 |
17.5 |
13.66 |
-43% |
0.56 |
2.3% |
| Singapore Average |
|
– |
27.4 |
16.7 |
18.9 |
-20% |
0.62 |
3.5% |
Summary Valuation Metrics for Top Picks
| Company |
P/E (x) Dec-25F |
P/E (x) Dec-26F |
P/E (x) Dec-27F |
P/BV (x) Dec-25F |
P/BV (x) Dec-26F |
P/BV (x) Dec-27F |
Dividend Yield Dec-25F |
Dividend Yield Dec-26F |
Dividend Yield Dec-27F |
| Capitaland Investment |
16.87 |
15.76 |
14.98 |
0.97 |
0.91 |
0.86 |
4.33% |
4.33% |
4.33% |
| City Developments |
7.88 |
21.92 |
19.32 |
0.66 |
0.64 |
0.62 |
1.77% |
1.77% |
1.77% |
| UOL Group |
19.45 |
17.50 |
16.35 |
0.56 |
0.55 |
0.54 |
2.32% |
2.32% |
2.32% |
Conclusion: Cautious Optimism with Selective Opportunities
The Singapore property market has posted a robust rebound in 2025, with new home sales and prices rising strongly. However, ongoing macroeconomic uncertainties suggest investors should approach the sector with a balanced perspective. UOL Group, Capitaland Investment, and City Developments remain the top picks, offering value and resilience amidst market volatility. Investors are advised to monitor new launch performance and economic indicators closely as the year unfolds.
