In the first quarter of 2025, Singapore’s luxury property market witnessed a notable uptick in demand, signaling renewed confidence among more affluent local buyers, high-net-worth individuals (HNWIs) and foreign investors. Urban Redevelopment Authority data showed that 24 ultra-luxury condo sales were recorded in the first quarter of 2025 within the core central region (CCR). Ultra-luxury condos are defined as units priced at $10 million and above in the core central region (CCR).
This is more than double the seven ultra-luxury condos units sold in the same period in 2024, and more than both the 15 ultra-luxury condos units sold in the first quarter of 2023 and the 14 ultra-luxury condos sold in the same period in 2022, before the additional buyer’s stamp duty (ABSD) on foreign buyers was raised to 60 per cent in April 2023.
Source: Propnex Realty - Upcoming projects in Singapore for the 2nd half of 2025. Click to receive updates and more information on any of these upcoming condo projects
Among the standout transactions in 2025 was a penthouse at Park Nova in Tomlinson Road, which changed hands for $38.888 million, or $6,593 per sq ft (psf) – the second-highest psf achieved.
The highest psf record still belongs to a 3,089 sq ft unit at The Marq on Paterson Hill, which was sold for $6,650 psf in November 2011. Four deals exceeding $20 million each were recorded at 21 Anderson, a new freehold development by Kheng Leong, the real estate arm of the family of late banker Wee Cho Yaw.
There is a notable increase in the number of Singapore permanent residents purchasing luxury homes this year. It is likely that some of them are newly minted PRs entering the market and would take advantage of the lower ABSD payable. Permanent residents pay only 5 per cent ABSD on their first property which is a significant amount of savings compared to the 60 per cent ABSD .
Buyers from the US, Iceland, Liechtenstein, Norway and Switzerland do not need to pay ABSD for their first residential home in Singapore.
Don't miss this rare 999 yr new condo development formerly known as Robertson Walk. Click to request for ebrochure, updates and book your showflat viewing appointment slots before its too late.
Many investors consider luxury properties to be safe haven assets that can help preserve their wealth during economic uncertainties. Singapore is also widely recognized globally as a very very safe country due to its low crime rates, strong legal system, solid banking system and a proactive police force supported by a safety-conscious populace. Many around the world are considering relocating to Singapore because they are seeking a safe place for their families to live.
Therefore, more investors may park their money in luxury homes, especially if there is fresh turmoil in the equities market. The luxury segment is also seeing a shift in buyer demographics. Prior to the ABSD increase in 2023, foreign buyers dominated top-tier condo purchases.
There are also more affluent local buyers – both citizens and permanent residents (PRs) desiring a centrally located luxury home in a good address, like along Orchard Boulevard, for example.
Of the 17 super-luxury condos sold in the first three months of 2025, five were purchased by Singapore citizens while eight were bought by PRs. The numbers show that there is a mix of local residents and foreigners supporting the ultra-luxury market.
If you’re looking for more than a property, then you've been waiting for UPPERHOUSE at Orchard Boulevard. Launching Soon on 28 June 2025. Click to receive brochures and book your viewing slot
Industry insiders point to several key factors:
- Geopolitical tensions driving wealth migration from other parts of the region
- Anticipated supply crunch in luxury condos
- Favorable currency movements, making Singapore properties more attractive
- Legacy and intergenerational planning driving purchases of trophy homes
According to analysts, Singapore is now seen not just as a residential hub but as a strategic wealth management center. This has led to a rise in purchases from high-net-worth individuals (HNWIs) from regions like China, Indonesia, Hong Kong and even Europe, especially with many countries seeing the future is one of political, environmental and social uncertainty.
Associate Group Director of Propnex Realty - Kiwi Lim believe this buying momentum may sustain as developers prepare for more launches in CCR and RCR regions towards the 2nd half of this year and beyond. For discerning investors, this may signal a narrowing window of opportunity to secure a foothold in Singapore’s most coveted core central region (CCR) as property per square foot (psf) prices of core central region (CCR) versus rest of central region (RCR) converges to a very narrow gap in price difference. Therefore, here are two upcoming launches in core central regions of District 09 that buyers should not miss - UPPERHOUSE at Orchard Boulevard located in a prime top tier locale and The Robertson OPUS - a 999 yrs leasehold mixed development at the former Robertson Walk along the Singapore River.
Source: The Straits Times © SPH Media Limited.
Source: Propnex Investment Suite App - Click to request for a presentation of this comprehensive property analysis
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