Can Singapore Property Prices Really Hit $2,900 PSF By 2030?

Published 2 November 2025, 8:20 PM SGT · 6 min read · 756

$2,900 as the average home price by 2030? Pffft. Ridiculous.

That was what everyone was certainly thinking back in 2018, when this report by DBS was in the news. At the time, a typical price point for an “average home” (a mass-market condo in the OCR) would have been around $1,500 - $1,600 psf. This report was predicting prices would more or less double on a $PSF basis, in just over a decade or so.

But here we are now in 2025, and these home prices seem far from implausible in five years. The same report predicts that “an average unit” of private property will cost between $1.9 million to $2.5 million by 2030; and as I’m writing this in October 2025, the typical price range for an HDB upgrader is $1.8 million to $2.2 million. So we’re already sort of there, in terms of quantum.

But how did it come to this point?

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Let’s start with cooling measures.

I hope I don’t come off as defensive, but my disagreement was never because I thought prices couldn’t naturally reach this point. Rather, my disbelief was based on what we saw between 2013 and 2017.

At the time the report came out, the market was still recovering from a barrage of cooling measures imposed at the 2013 peak: the Additional Buyers Stamp Duty (ABSD) had just been raised, loan-to-value limits were tightened, and the Total Debt Servicing Ratio (TDSR) was introduced. Those curbs worked: the market dipped for almost four years straight, and sentiment was only just starting to turn in 2018.

Based on that precedent, it seemed that if prices ever crept near $2,900, the government would simply turn the screws again. And in fact they have, such as with higher ABSD rates. But as I noted in January this year, the cooling measures haven’t had much impact on our post-COVID prices; and so the expected intervention didn’t have the effect I thought it would. Part of the reason is that the biggest brunt of raised ABSD prices is on foreign buyers (60 per cent ABSD), who aren’t buyers of “average” mass-market homes.

We didn’t get to this price point in exactly the way that was predicted

The first obvious difference is COVID, which we couldn’t have predicted back in 2018. This black swan event, and its accompanying housing shortage, sent the property market into overdrive. Even the resale HDB market, which was in steady decline from 2013 to about 2018, suddenly saw a price surge (this does matter to the private segment, as HDB upgraders are a main driver of condo purchases).

The other difference is in what’s now the “average unit” of private property. Back in 2018, an “average unit” would have been a three-bedder reaching around 1,000 sq ft, maybe 1,400 sq ft for an older resale unit. Back then, one and two-bedders were compact units, mainly used as rental assets rather than for owner-occupancy.

But that’s rapidly changing, and it’s widely whispered that today’s two-bedders (or perhaps 2+Study units) are going to be the new “average unit.” With these units being around 600 to 650 sq ft, it does result in lower total square footage, hence making $2,900 psf a much closer target.

(As an aside, smaller units tend to have a higher $PSF and lower quantum, whilst larger units see the opposite - with the exception of penthouses.)

This is also supported by Gross Floor Area (GFA) harmonisation: today’s projects don’t count certain unlivable spaces, such as air-con ledges, into their total square footage. This has the effect of further intensifying $PSF.

As for the accuracy of the predicted quantum (average price), there’s one other quirk to consider

In 2018, the idea of the “average” unit being in District 9 or 10 would have been laughable. But from the report, the projected as well as current price range does come close to projects like Skye at Holland or River Green; these are prime region districts, and not so much the mass-market OCR properties the report probably had in mind.

But as of 2025, these are no longer exclusive to wealthy foreigners, but are more attainable to regular Singaporeans. So should they be considered “average” homes? One might argue yes, if we hold that the pace of sales demonstrates affordability.

However, a contrary view - if we want to maintain that the OCR is still the “average home” - might hold that new launches in the OCR, such as Springleaf Residences and Canberra Crescent Residences, haven’t fully caught up yet. But perhaps these too may come close to $2,900 psf, by 2030, especially if unit sizes contract further. One thing’s for sure: the price gaps between regions are narrowing, and $2,000+ psf in the OCR is not exceptional these days.

So the DBS report is turning out to be right, but not quite in the way anyone expected

Back then, $2,900 psf would have definitely indicated some kind of bubble. Today, it’s more a story of changing developer practices than of some runaway market: the high $PSF is about smaller homes, more conservative ways to measure square footage, and access to stronger locations as a trade-off. Of course, we still have a fair few years to go, and rising land prices will always be part of the equation.

In any case, this is like one of those situations where the GPS plots the wrong route, but you’re more or less at the destination anyway.

Meanwhile in other property news…

Betting on getting a property for cheaper is always risky, especially when it involves the “waiting game” - here’s one example.
Singapore’s creepy abandoned houses and their histories are laid bare, in our Halloween Special.
The Sen is the latest launch in Bukit Timah, but can it make an impact, in an area filled with prestigious freehold projects? We took a closer look.
Does age have an impact on older condos in District 11? Check out our deep dive into the neighbourhood.

Weekly Sales Roundup (20 - 26 October)

Top 5 Most Expensive New Sales (By Project)

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	TENURE
ZYON GRAND	$10,388,000	2659	$3,907	99 years
SKYE AT HOLLAND	$5,821,000	1765	$3,297	99 yrs (2024)
WATTEN HOUSE	$5,090,000	1539	$3,307	FH
NAVA GROVE	$4,102,800	1550	$2,647	99 yrs (2024)
CHUAN PARK	$4,042,000	1550	$2,608	99 yrs (2024)

Top 5 Cheapest New Sales (By Project)

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	TENURE
ZYON GRAND	$1,298,000	474	$2,741	99 years
ELTA	$1,398,000	506	$2,763	99 yrs (2024)
PROMENADE PEAK	$1,433,600	527	$2,718	99 yrs (2024)
TEMBUSU GRAND	$1,488,000	527	$2,821	99 yrs (2022)
OTTO PLACE	$1,543,000	904	$1,707	99 yrs (2024)

Top 5 Most Expensive Resale

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	TENURE
SEVEN PALMS SENTOSA COVE	$12,502,920	4607	$2,714	99 yrs (2007)
ARDMORE PARK	$12,500,000	2885	$4,333	FH
GRANGE RESIDENCES	$8,500,000	2669	$3,184	FH
LEEDON RESIDENCE	$7,840,000	2508	$3,126	FH
LUSH ON HOLLAND HILL	$5,000,000	3488	$1,434	FH

Top 5 Cheapest Resale

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	TENURE
HIGH PARK RESIDENCES	$658,000	398	$1,652	99 yrs (2014)
SILVERSCAPE	$670,000	409	$1,638	FH
VIVA VISTA	$670,000	377	$1,778	FH
PALM ISLES	$680,000	506	$1,344	99 yrs (2011)
SUITES @ SHREWSBURY	$705,888	334	$2,115	FH

Top 5 Biggest Winners

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	RETURNS	HOLDING PERIOD
GRANGE RESIDENCES	$8,200,000	2583	$3,174	$5,316,726	21 Years
GRANGE RESIDENCES	$8,500,000	2669	$3,184	$4,800,000	20 Years
ARDMORE PARK	$12,500,000	2885	$4,333	$3,900,000	10 Years
THE ANCHORAGE	$4,100,000	2088	$1,963	$2,705,000	27 Years
LEEDON RESIDENCE	$7,840,000	2508	$3,126	$2,140,000	9 Years

Top 5 Biggest Losers

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	RETURNS	HOLDING PERIOD
THE COAST AT SENTOSA COVE	$3,250,000	2024	$1,606	-$370,000	13 Years
3 ORCHARD BY-THE-PARK	$3,900,000	1163	$3,355	-$184,000	6 Years
REFLECTIONS AT KEPPEL BAY	$2,800,000	1744	$1,606	-$121,060	6 Years
SOPHIA HILLS	$1,080,000	560	$1,930	-$57,000	8 Years
RIVERFRONT RESIDENCES	$838,000	517	$1,622	$44,500	4 Years

Top 5 Biggest Winners (ROI%)

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	ROI (%)	HOLDING PERIOD
HILLCREST ARCADIA	$1,800,000	1421	$1,267	283%	21 Years
EVERGREEN PARK	$1,480,000	1346	$1,100	212%	20 Years
THE ANCHORAGE	$4,100,000	2088	$1,963	194%	27 Years
KING'S MANSION	$3,190,000	1604	$1,989	190%	29 Years
GRANGE RESIDENCES	$8,200,000	2583	$3,174	184%	21 Years

Top 5 Biggest Losers (ROI%)

PROJECT NAME	PRICE S$	AREA (SQFT)	$PSF	ROI (%)	HOLDING PERIOD
THE COAST AT SENTOSA COVE	$3,250,000	2024	$1,606	-10%	13 Years
SOPHIA HILLS	$1,080,000	560	$1,930	-5%	8 Years
3 ORCHARD BY-THE-PARK	$3,900,000	1163	$3,355	-5%	6 Years
REFLECTIONS AT KEPPEL BAY	$2,800,000	1744	$1,606	-4%	6 Years
ONE PEARL BANK	$1,820,000	743	$2,450	4%	6 Years

Transaction Breakdown

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Frequently asked questions

Will Singapore property prices reach $2,900 per square foot by 2030?

Prices are projected to approach $2,900 psf by 2030, supported by current trends and changing developer practices, such as smaller units and adjusted measurement standards.

How did COVID-19 influence Singapore property prices?

COVID-19 caused a housing shortage and increased demand, leading to a surge in property prices, including the resale HDB market, which was previously declining.

Have government cooling measures prevented property prices from rising?

While measures like higher ABSD rates were introduced, they haven't significantly impacted post-COVID prices, partly because foreign buyers are more affected than local mass-market homebuyers.

What changes in property unit types have affected the $PSF$ projections?

Two-bedroom units, around 600-650 sq ft, are now considered more typical, making $2,900 psf$ a more attainable target, especially with smaller units and measurement adjustments.

Are prime district homes now considered average homes in Singapore?

Yes, projects in Districts 9 and 10 are more accessible to regular Singaporeans and could be viewed as more 'average' homes, reflecting changing perceptions of affordability.

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Ryan J. Ong

Partner at Stacked

A seasoned content strategist with over 17 years in the real estate and financial journalism sectors, Ryan has built a reputation for transforming complex industry jargon into accessible knowledge. With a track record of writing and editing for leading financial platforms and publications, Ryan’s expertise has been recognised across various media outlets. His role as a former content editor for 99.co and a co-host for CNA 938’s Open House programme underscores his commitment to providing valuable insights into the property market.