Singapore's Residential Property Market Analysis 2025
Lower interest rates and competitively priced new developments uplifted the buyer sentiment in the Singaporean private market; however, sharp increases in sales prices and rents in the upcoming periods are unlikely, given the pullback in foreign demand and heightened economic uncertainty.
This extended overview from Global Property Guide covers key aspects of the Singaporean housing market and takes a closer look at its most recent developments and long-term trends.
Table of Contents
- Housing Market Snapshot
- Supply Highlights
- Demand Highlights
- Rental Market
- Mortgage Market
- Socio-Economic Context
Housing Market Snapshot
The private housing market in Singapore appears to be settling into a new equilibrium, with prices stabilizing despite continued buying momentum. In the first quarter of 2025, the Property Price Index for all private residential properties, as reported by the Urban Redevelopment Authority of Singapore (URA), rose by 0.81% quarter-on-quarter and 3.33% year-on-year, with gains largely driven by new launches in fringe and suburban areas during the quarter.
Singapore's house price annual change:
Data Source: Urban Redevelopment Authority.
Non-landed properties (strata-titled private condominiums) led the price growth, registering a 0.95% quarter-on-quarter increase, down from the 2.99% recorded in the previous quarter. On a year-on-year basis, prices rose by 4.74%. Landed properties (privately owned standalone terrace houses, semi-detached houses, bungalows, and shophouses) saw a quarter-on-quarter increase of 0.38%, recovering from the 0.08% decline in Q4 2024. However, on an annual basis, prices declined by 1.30%. "The slower price growth may also be attributed to an increased market share of suburban homes, which are typically sold at lower prices compared to other properties in city fringe and prime areas," stated the report from OrangeTee.
Within the non-landed segment, the Rest of Central Region (RCR) posted the strongest quarter-on-quarter price growth at 1.70%, extending the 3.00% increase observed in Q4 2024. This was followed by the Core Central Region (CCR), where prices rose by 0.78% after a 2.58% increase in the previous quarter. The Outside Central Region (OCR) experienced relatively flat growth of 0.31%, following a 3.29% rise in Q4 2024. "While all three non-landed segments - CCR, RCR, OCR - saw new launches in the quarter which mostly set benchmark prices in their respective locality, the price premiums are now realistic compared to the secondary market," commented CBRE Research.
Property Price Index of Private Residential Properties, quarterly vs annual movement:
Quarterly Movement (QoQ), Q1 2025 vs Q4 2024 |
Annual Movement (YoY), Q1 2025 vs Q1 2024 |
|
All properties (whole island) | 0.81% | 3.33% |
Landed properties (whole-island) | 0.38% | -1.30% |
Non-landed properties (whole island) | 0.98% | 4.74% |
- Core Central Region (CCR) | 0.78% | 1.89% |
- Rest of Central Region (RCR) | 1.70% | 7.27% |
- Outside Central Region (OCR) | 0.31% | 3.82% |
Data Source: URA. |
In the high-end segment of the non-landed private residential market, monitored by Savills, prices increased by 0.6% quarter-on-quarter to SGD 2,612 (USD 1,938) per square foot in Q1 2025. On a year-on-year basis, this segment recorded a 0.7% growth.
Average sales prices in high-end non-landed private properties:
Sales price (SGD, per sqf) |
Sales price (USD, per sqf) |
Quarterly Movement (QoQ) |
Annual Movement (YoY) |
|
Q1 2023 | SGD 2,584 | USD 1,918 | 0.6% | 3.2% |
Q2 2023 | SGD 2,591 | USD 1,923 | 0.3% | 2.5% |
Q3 2023 | SGD 2,601 | USD 1,930 | 0.4% | 2.2% |
Q4 2023 | SGD 2,596 | USD 1,927 | -0.2% | 1.1% |
Q1 2024 | SGD 2,594 | USD 1,925 | -0.1% | 0.4% |
Q2 2024 | SGD 2,593 | USD 1,924 | 0.0% | 0.1% |
Q3 2024 | SGD 2,582 | USD 1,916 | -0.4% | -0.7% |
Q4 2024 | SGD 2,596 | USD 1,927 | 0.5% | 0.0% |
Q1 2025 | SGD 2,612 | USD 1,938 | 0.6% | 0.7% |
Exchange rate as of Q1 2025, USD 1 = SGD 1.3475. | ||||
Data Source: Savills. |
Looking ahead, industry experts expect private home prices to continue rising despite heightened economic uncertainties. "This resilience comes about from the store of wealth of the baby boomers as well as rising HDB resale prices, which closed the price gap for upgraders," commented Savills. CBRE forecasts a 3-4% increase in private residential property prices for the full year 2025, supported by low levels of unsold inventory and strong household balance sheets. These projections align with those of PropNex.
In the public housing segment, the Resale Price Index for Housing and Development Board (HDB) units rose by 1.57% quarter-on-quarter and 9.42% year-on-year in Q1 2025, narrowing the price gap between public and private housing. The HDB develops and manages residential properties to provide affordable housing options for Singaporeans. Ownership is restricted to citizens and certain categories of permanent residents, with a mandatory minimum occupancy period of five years before resale. As of 2024, HDB units housed 77.4% of the country's resident households, according to data from the Singapore Department of Statistics (DOS).
Supply Highlights:
New Launch Momentum Holds Amid Declining Inventory Levels
Following a strong rebound in the final quarter of 2024, driven by renewed buyer interest amid lower mortgage rates and a broader economic recovery, the number of private residential units launched declined in Q1 2025, easing by 8.35% quarter-on-quarter to 3,139 units. This moderation was likely influenced by seasonal factors, particularly the Chinese New Year festive period. Nonetheless, despite the quarter-on-quarter dip, the number of units launched was still more than double the 1,304 units recorded in the same period a year earlier.
Data Source: URA.
A majority of the new launches (73%) were located in the Outside Central Region (OCR), with the Rest of Central Region (RCR) accounting for 25%, and the Core Central Region (CCR) comprising the remaining 2%. While launches in both CCR and RCR declined from the previous quarter, activity in the OCR increased sharply, rising by 72.5% to 2,284 units, compared to 1,324 units in Q4 2024.
Uncompleted private residential units launched, by submarket:
Units Launched, Q1 2025 |
QoQ, Q1 2025 vs Q4 2024 |
YoY, Q1 2025 vs Q1 2024 |
|
CCR | 78 | -78.7% | 290.0% |
RCR | 777 | -55.2% | 246.9% |
OCR | 2,284 | 72.5% | 115.5% |
Total | 3,139 | -8.35% | 140.72% |
Data Source: URA. |
The total unsold inventory of private residential units (excluding executive condominiums) fell by 6.81% quarter-on-quarter to 18,270 units in Q1 2025. Of these, 18,125 units were from uncompleted projects within the pipeline supply that had obtained planning approvals. On a year-on-year basis, unsold inventory was down 9.57%, remaining well below the ten-year annual average of 22,847 units and significantly lower than the peak of 37,799 units recorded in Q1 2019.
Data Source: URA.
Data from the URA indicates that approximately 55,600 units, including executive condominiums, could be available for sale in the coming years, taking into account both approved and pending developments in the pipeline. "The increasing housing supply may mitigate a substantial rise in home prices over the next few years," said Christine Sun, Chief Researcher and Strategist at OrangeTee.
Note: Total number of units to be delivered within the projects, including both sold and unsold units.
Data Source: URA.
Demand Highlights:
Private Home Sales Gain Pace on Lower Mortgage Rates and Supply-Led Momentum
After a subdued performance in the first half of 2024, private residential sales rebounded strongly toward the end of the year, with the recovery extending into early 2025. While the number of units sold in Q1 2025 declined slightly by 2.3% on a quarter-on-quarter basis to 7,261, down from Q4 2024's peak, the figure represented a substantial 71.7% increase in year-on-year terms. "The sustained uplift in buyer sentiment was largely attributed to the more benign interest rates that motivated homebuyers to shift from much of the watch-and-wait stance seen in 2024 into a purchase," commented Knight Frank.
Data Source: URA.
Primary home sales remained resilient, supported by strong uptake at a number of competitively priced new launches amid a low interest rate environment. A total of 3,375 new private homes were sold in Q1 2025, representing a marginal 1.32% decline from the high base of 3,420 units in Q4 2024, but almost tripling the 1,164 units sold in Q1 2024. "Strong take-up at new home launches such as The Orie, Parktown Residences, Elta, and Lentor Central Residences bolstered residential transactions in this period," commented experts from ERA.
In the secondary market, including resale and sub-sale transactions, sales moderated slightly as demand shifted toward new project launches. Transactions fell by 3.16% quarter-on-quarter to 3,886 units. Nevertheless, activity remained strong on an annual basis, rising by 27% year-on-year.
By region, the Outside Central Region (OCR) accounted for the majority of private home sales in both the primary and secondary segments, contributing 58% of total transactions. This was followed by the Rest of Central Region (RCR) with 29% and the Core Central Region (CCR) with 12%.
Number of residential units sold by submarket:
Primary Units Sold, Q1 2025 |
QoQ, Q1 2025 vs Q4 2024 |
YoY, Q1 2025 vs Q1 2024 |
Secondary Units Sold, Q1 2025 |
QoQ, Q1 2025 vs Q4 2024 |
YoY, Q1 2025 vs Q1 2024 |
|
CCR | 192 | 40.15% | 81.13% | 709 | 9.41% | 42.08% |
OCR | 945 | -49.17% | 302.13% | 1,186 | -6.83% | 29.90% |
RCR | 2,238 | 57.16% | 171.93% | 1,991 | -4.83% | 20.37% |
Total | 3,375 | -1.32% | 189.95% | 3,886 | -3.16% | 26.74% |
Data Source: URA. |
Foreign buyer activity remained muted in the wake of multiple rounds of Additional Buyer's Stamp Duty (ABSD) increases over the recent years, particularly the April 2023 hike, which raised the rate for foreign purchasers to 60%. "In lieu of foreign buyers that have stayed away from the private home market due to the 60% ABSD rate, wealthy Singaporeans and Permanent Residents (PRs) have been on the prowl for investment opportunities in Singapore's prime residential areas," noted experts from Knight Frank.
ABSD rates for residential properties, 2018-2023:
Rates before Jul 6, 2018 | ABSD 1 Rates on or after Jul 6, 2018 | ABSD 2 Rates on or after Dec 16, 2021 | ABSD 3 Rates on or after Apr 27, 2023 | |
Singapore Citizens | 1st property: 0% 2nd property: 7% 3rd + property: 10% |
1st property: 0% 2nd property: 12% 3rd + property: 15% |
1st property: 0% 2nd property: 17% 3rd + property: 25% |
1st property: 0% 2nd property: 20% 3rd + property: 30% |
Singapore Permanent Residents (PRs) | 1st property: 5% 2nd + property: 10% |
1st property: 5% 2nd + property: 15% |
1st property: 5% 2nd property: 25% 3rd + property: 30% |
1st property: 5% 2nd property: 30% 3rd + property: 35% |
Foreign Residents | 15% | 20% | 30% | 60% |
Data Source: IRAS. |
Looking ahead, CBRE maintains a cautiously optimistic outlook, forecasting that 7,000 to 8,000 new private homes could be sold in 2025, suggesting a possible moderation in sales momentum over the coming quarters. "While Q1 2025's new sales have held up mainly on attractive and voluminous OCR projects, most new launches for the rest of 2025 will be from the CCR and RCR, which have higher price points and may not generate the same kind of volumes," notes the latest report from CBRE Research.
Experts from PropNex offer a slightly higher forecast, projecting 8,000 to 9,000 new home sales for the year. Resale volumes are expected to reach between 14,000 and 15,000 units in 2025. Both forecasts, however, acknowledge downside risks stemming from geopolitical tensions and a potential deterioration in macroeconomic conditions.
Rental Market:
Rents Rise Marginally, Show Signs of Stabilization
After a sharp downturn in the private rental inflation trend in 2024, when the Rental Index of Private Sector Residential Properties from the URA demonstrated annual declines for three quarters in a row, the market now shows signs of stabilization, with the index movement back to positive territory in early 2025.
Singapore's rent price index:
Data Source: Statistics Singapore.
In Q1 2025, the island-wide private rental index recorded a 0.4% year-on-year growth, with the index for landed properties increasing by 0.7% and the index for non-landed properties by 0.4%. The regional dynamic for non-landed properties varied significantly, with the index posting a much weaker annual increase in the CCR (1.9%) than in the OCR (3.8%) and the RCR (7.3%).
Data Source: URA.
Rental Index of Private Sector Residential Properties, quarterly and annual movement:
Quarterly Movement (QoQ), Q1 2025 vs Q4 2024 |
Annual Movement (YoY), Q1 2025 vs Q1 2024 |
|
All properties (whole island) | 0.4% | 0.4% |
Landed properties (whole island) | 0.3% | 0.7% |
Non-landed properties (whole island) | 0.5% | 0.4% |
- Core Central Region (CCR) | 0.8% | 1.9% |
- Rest of Central Region (RCR) | 1.7% | 7.3% |
- Outside Central Region (OCR) | 0.3% | 3.8% |
Data Source: URA. |
In nominal terms, the research carried out by Global Property Guide in May 2025 showed the average advertised rent for residential units in Singapore standing at USD 2,558 for 1-bedroom units, USD 3,488 for 2-bedroom units, and USD 4,651 for 3-bedroom units. The corresponding gross rental yields averaged 3.29% (down from 3.40% previously reported in November 2024), with only marginal variation among the monitored submarkets. Yields slightly above the national average were observed in Alexandra / Commonwealth (3.69%) and Hougang / Punggol / Sengkang (3.56%), while the lowest level was recorded in Orchard / River Valley (3.09%).
The rents in the high-end segment of non-landed private residential projects tracked by Savills rose for the second consecutive quarter, reaching SGD 5.95 (USD 4.42) per square foot in Q1 2025. By location, the growth within this category of properties was led by the Downtown Core submarket, followed by River Valley and Orchard / Cairnhill.
Overall, commenting on recent developments, analysts from Savills point out that the increase in rents for non-landed properties in the first quarter was likely due to the premium accorded to newly completed apartments and that rents are likely to remain flat in 2025, the demand from foreign professionals dampened by tariff-related hiring uncertainties and labor substitutive effects from the adoption of generative artificial intelligence. "Although corporate belt-tightening could rein in foreign hirings, rents are likely to stabilize at current levels as newly completed apartments carry a premium which could offset lower demand," said Alan Cheong from Savills Research.
Other experts offer slightly more optimistic assessments of the market's prospects this year but agree that, given the uncertain economic conditions, any sharp rental increase is unlikely. Based on recently observed pick-up in the rental index and below-trend supply completions, CBRE forecasts island-wide rents to recover and grow by 1-3% in 2025, barring a significant pullback in demand.
Cushman & Wakefield also expects rents to stabilize and see mild growth in 2025, saying that "steady economic growth coupled with a low level of new completions would be supportive of a return to growth for rents".
Mortgage Market:
Market Activity Grows as Interest Rates Continue to Fall
Unlike most central banks, the Monetary Authority of Singapore (MAS) does not conduct monetary policy by adjusting domestic interest rates but rather uses the Singapore dollar nominal effective exchange rate (S$NEER) based on a weighted basket of currencies from major trading partners as its primary intervention tool.
This approach causes Singapore's interest rates to be greatly influenced by global markets and, more specifically, by the US market. The Singapore Overnight Rate Average (SORA), which since 2019 has been gradually replacing the Singapore Inter-Bank Offered Rate (SIBOR) as the main lending benchmark and basis for new floating-rate mortgages, tends to move in tandem with the US Federal Funds Target Range (FFTR), typically trending below it.
Along with the gradual monetary policy relaxation by the US Federal Reserve, SORA has been on a downward trajectory since the fall of 2024, with the 3-month Compounded SORA most recently reported by the MAS at 2.4% in April 2025.
With the Federal Reserve currently holding a more cautious stance, monitoring the impact of the new administration's policies, the decrease in Singapore's lending rates is also expected to slow down somewhat. "Singapore home loan rates will likely fall, but at a modest pace. However, if growth slows in the later part of the year, rates could be cut more quickly," summarized the real estate platform PropertyGuru.
Data Sources: MAS, FRED.
Banks in Singapore typically offer floating-rate mortgages with interest calculated as 1-month or 3-month Compounded SORA plus bank spread of up to 1% and fixed-rate mortgages with a 1 to 3-year lock-in period (after which the rate switches to SORA plus bank spread).
According to the information on individual loan products accumulated by PropertyGuru, at the time of research in June 2025, fixed-rate mortgages for home purchase were offered at interest rates between 2.42% and 3.50% during the locked period. Net interest on SORA-linked floating-rate mortgages ranged from 2.96% to 3.73% during the locked period.
Interest rates on mortgage loans for the purchase of completed residential properties, selected banks:
Bank | Fixed-rate, best offer |
Lock-in period | Floating-rate, best offer |
Lock-in period |
UOB | 2.85% | 2 years | n/a | n/a |
DBS | 2.50% | 2 years | 3M SORA + 0.60% | 2 years |
Standard Chartered | 2.42% | 2 years | 3M SORA + 0.38% | 2 years |
Maybank | 3.30% | 2 years | 3M SORA + 0.70% | 1 year |
Note: Rates as of June 6, 2025. | ||||
Data Source: PropertyGuru. |
With interest rates falling, lending activity in Singapore notably picked up after two years of annual declines in new housing loans granted. Based on the figures published by the MAS, the combined value of loan limits granted for owner-occupied and investment properties in 2024 expanded by 15.3%, compared to 2023, not yet reaching the highs observed in 2021 but already exceeding the 2022 levels.
The upward trend continued in Q1 2025, with limits granted reaching SGD 11.0 billion (USD 8.2 billion) for owner-occupied properties and SGD 2.1 billion (USD 1.6 billion) for investment properties - a 17.3% year-on-year increase in their combined value.
According to The Straits Times, the activity in the mortgage market has been boosted by refinancing and repricing of previously obtained loans, with local banks reporting a more pronounced increase in these types of transactions.
Data Source: MAS.
In parallel, the total amount of outstanding housing loans in Singapore returned to more pronounced growth, having increased by 1.7% in 2024 after a slowdown to just 0.8% in 2023. The overall market expansion was driven by owner-occupied properties (+2.2% year-on-year), while the investment properties segment shrank by 0.3% year-on-year. As of Q1 2025, the combined housing loan stock stood at SGD 227.6 billion (USD 168.9 billion), over 80% of that amount represented by loans on owner-occupied properties and about 20% by loans on investment properties.
Sized against the Singaporean economy, the residential mortgage market was equivalent to an estimated 30.9% of GDP at current prices in 2024, down from 32.7% in the previous year and 45.3% a decade ago in 2014. Based on the latest reporting from the DOS, mortgages represent 72.9% of total household debt, of which 61.2% is loans from financial institutions and 11.7% loans from the Housing and Development Board (HDB), which provides loan options with lower downpayment and higher loan-to-value ratio to qualifying Singaporean nationals.
Data Sources: MAS, DOS.
Socio-Economic Context:
Trade-Related Uncertainty and Weaker Performance of Service Sectors Weigh Down on Growth
After a strong rebound from 1.8% in 2023 to 4.4% in 2024, Singapore's real GDP growth is expected to moderate in 2025 and beyond amid global geopolitical uncertainty. The latest macroeconomic review from the MAS notes that economic activity in the country showed signs of softening at the start of this year, with the weaker performance driven by the trade-related and modern services sectors most vulnerable to external developments. The authority believes there's significant uncertainty over how trade policy actions will unfold in the upcoming periods and projects the Singaporean economy to expand by 0.0-2.0% in 2025. This view is in line with the forecast from the International Monetary Fund (IMF), which currently sees growth at 2.0% in 2025 and 1.9% in 2026.
In parallel, Consumer Price Index (CPI) inflation in Singapore continued to ease, dropping from an annual level of 4.8% in 2023 to 2.4% in 2024 and, most recently, registering at just 0.9% in April 2025. The MAS review noted that the pace of price increases in the first quarter of this year was weaker than expected, dampened by lackluster consumer spending, and lowered its CPI inflation forecast for 2025 from 1.5-2.5% to 0.5-1.5%. The IMF projection for the indicator currently stands at 1.3% for 2025 and 1.5% for 2026.
Data Source: IMF.
As of mid-year 2024, citizens and permanent residents made up about 61% of the total labor force in Singapore, with the remaining 39% represented by non-resident foreign workers. Amid the inflow of foreigners and weaker GDP growth, labor market conditions in the country started to ease in 2023, with the total unemployment rate, albeit still low, ticking up from 1.8% in Q1 2023 to 2.1% reported in Q1 2025. Resident unemployment (including Singaporean citizens and permanent residents) continued to trend slightly higher at 2.9% during the same period.
In the quarters ahead, against the backdrop of heightened uncertainty, the market is likely to be impacted by companies exhibiting even more diligence in controlling costs, including hiring activity. According to the MAS, employment growth has already slowed amid weaker hiring in both the domestic-oriented and outward-facing modern services sectors, while labor cost increases remained below their recent peaks. The authority anticipates that labor demand could soften further this year, accompanied by slower wage growth.
Beyond the tariff-related corporate inaction and deferment of decisions for plans to expand in the region, experts point to the increasing adoption of generative artificial intelligence as a factor affecting the labor market in Singapore. "How this may pan out is still unclear, but given recent announcements by large tech companies that AI is replacing a significant number of coders, the demand for foreign tech workers here is likely to be softer moving forward," Savills commented.
Data Source: DOS.
In general, the outlook for the Singaporean economy has turned more cautious, with its external-facing industries, such as manufacturing, likely to be impacted by trade conflicts and see slower demand, while the financial sector could see reduced credit intermediation activity from a slowdown in investment spending, the MAS pointed out.
At the same time, the economy's fundamental strengths, including high fiscal reserves, budget surpluses, positive net international investment position, and a favorable business environment, are expected to mitigate its vulnerability to external shocks. In April 2025, Fitch Ratings affirmed Singapore's 'AAA' standing with a stable outlook.
"Overall economic indicators look resilient, with low unemployment, recovery in tourism, lower inflation, and interest rates. As a small, open economy, Singapore will feel the impact of weaker global trade, but its strong fundamentals position it well to navigate these challenges," summarized the 2025 Southeast Asia Outlook from Cushman & Wakefield.
Sources:
- Monetary Authority of Singapore (MAS)
- Statistics: https://www.mas.gov.sg/
- Monetary Policy Framework: https://www.mas.gov.sg/
- Monthly Statistical Bulletin: https://www.mas.gov.sg/
- Macroeconomic Review, April 2025: https://www.mas.gov.sg/
- Recent Economic Developments, January 2025: https://www.mas.gov.sg/
- Singapore Department of Statistics (DOS)
- National Accounts: https://www.singstat.gov.sg/
- Prices and Price Indices: https://www.singstat.gov.sg/
- Labor, Employment, Wages & Productivity: https://www.singstat.gov.sg/
- Household Sector Balance Sheet: https://www.singstat.gov.sg/
- Statistics on Resident Households: https://www.singstat.gov.sg/
- Urban Development Authority (URA)
- Release of 1st Quarter 2025 Real Estate Statistics: https://www.ura.gov.sg/
- Moderation of Price and Sales Momentum in Private Residential Market: https://www.ura.gov.sg/
- Housing and Development Board (HDB)
- Rental Statistics: https://www.hdb.gov.sg/
- Resale Statistics: https://www.hdb.gov.sg/
- Flat and Grant Eligibility: https://www.hdb.gov.sg/
- Inland Revenue Authority of Singapore (IRAS)
- Additional Buyer's Stamp Duty (ABSD): https://www.iras.gov.sg/
- International Monetary Fund (IMF)
- Country Overview: Singapore: https://www.imf.org/
- Federal Reserve Economic Data (FRED)
- Federal Funds Target Range - Upper Limit: https://fred.stlouisfed.org/
- Cushman & Wakefield
- Southeast Asia Outlook 2025: Long-Term Growth Prospects Remain Intact: https://www.cushmanwakefield.com/
- Knight Frank
- Singapore Residential Market Update - Tariffs and The Singapore Private Residential Market: https://www.knightfrank.com.sg/
- Singapore Residential Market Update - Q1 2025: https://www.knightfrank.com.sa/
- Savills
- Singapore Residential Leasing Q1 2025: https://pdf.savills.asia/
- Singapore Residential Sales Q1 2025: https://pdf.savills.asia/
- CBRE
- Commentary on URA Q1 2025 Statistics - Office, Retail, and Residential: https://www.cbre.com.sg/
- PropNex
- Q1 2025 Residential Report: https://propnex.com/
- OrangeTee
- Private Residential Trends Q1 2025: https://www.orangetee.com/
- ERA Real Estate
- 1Q 2025 URA Real Estate Statistics: Singapore's Private Home Prices Rose on the Back of Strong New Home Demand: https://www.era.com.sg/
- Fitch Ratings
- Fitch Affirms Singapore at 'AAA'; Outlook Stable: https://www.fitchratings.com/
- PropertyGuru
- Will Singapore Interest Rates for Home Loans Go Down in 2025? https://www.propertyguru.com.sg/
- Best Mortgage rates in Singapore 2025: https://www.propertyguru.com.sg/
- The Straits Times
- Singapore Banks See Rise in Mortgage Refinancing After Rate Cuts in 2024: https://www.straitstimes.com/
- More Singapore Home Buyers Eyeing Floating-Rate Loans, Say Mortgage Brokers: https://www.straitstimes.com/