Despite a challenging global economic backdrop, demand for luxury properties in Singapore has seen a surge in the first half of 2025, driven largely by high-net-worth locals and permanent residents (PRs) seeking stable, long-term investments in the city-state’s prime districts.
2 days ago, news of a 5,285 sq ft, five-bedroom unit on the 55th floor of Skywaters Residences — Singapore’s future tallest tower — that has been sold for $30.87 million, translating to $5,841 psf to a Singapore Permanent Resident (PR) who would be subject to a 5% additional buyer’s stamp duty (ABSD). The buyer is believed to be a Chinese national.
The 190-unit Skywaters Residences in Tanjong Pagar occupies the 27th to 63rd storeys of the 305m-tall tower. Below the residences is the ultra-luxury Aman Hotel, spanning the 24th to 26th floors, while the Aman-branded residences are located between the 28th and 30th floors. Grade-A offices occupy the 3rd to 22nd floors, with a retail mall spread across basement 1 to level 2. The development is directly linked to Tanjong Pagar MRT Station, located in basement 1, with parking facilities on basements 2 to 4.
Just a year ago the ultra-luxury Skywaters Residences made headlines with a record-setting sale of $47.34 million ($6,100 psf) in May 2024 for one of its penthouses — the highest psf price ever achieved for a 99-year leasehold residential development in Singapore.
2 days ago, news of a 5,285 sq ft, five-bedroom unit on the 55th floor of Skywaters Residences — Singapore’s future tallest tower — that has been sold for $30.87 million, translating to $5,841 psf to a Singapore Permanent Resident (PR) who would be subject to a 5% additional buyer’s stamp duty (ABSD). The buyer is believed to be a Chinese national.
The 190-unit Skywaters Residences in Tanjong Pagar occupies the 27th to 63rd storeys of the 305m-tall tower. Below the residences is the ultra-luxury Aman Hotel, spanning the 24th to 26th floors, while the Aman-branded residences are located between the 28th and 30th floors. Grade-A offices occupy the 3rd to 22nd floors, with a retail mall spread across basement 1 to level 2. The development is directly linked to Tanjong Pagar MRT Station, located in basement 1, with parking facilities on basements 2 to 4.
Just a year ago the ultra-luxury Skywaters Residences made headlines with a record-setting sale of $47.34 million ($6,100 psf) in May 2024 for one of its penthouses — the highest psf price ever achieved for a 99-year leasehold residential development in Singapore.
Duxton Reserve Hotel comprises 8 units of 3-storey conservation shophouses with about 34,000 sqft built-up area. PHOTO: JLL
The Business Times reported on 16 May that Singapore-based niche luxury hotel owner and property developer Garcha Group has completed the sale of its 49-key boutique hotel, Duxton Reserve, for $80 million — translating to about $1.63 million per key to a family office for S$80 million, or about S$1.63 million per key.
The buyer is Lotus One Investment Pte Ltd, the Singapore-based investment arm of Lotus Singapore, a family office established in 2016 by Chandra P. Khetan. He is the son of the late Mohan G. Khetan, one of Nepal’s wealthiest industrialists.
The enthusiastic response underscores the growing appeal of boutique heritage properties – particularly those converted from shophouses – which are increasingly sought-after mainly from local ultra-high-net-worth individuals, family offices and a couple of foreign buyers for their strong capital appreciation and potential for stable returns.
According to recent property market data, sales of ultra-luxury condominiums — those priced above S$10 million — have more than doubled compared to the same period last year. In Q1 alone, 17 such transactions were recorded, a significant rise from 7 in Q1 2024. This strong momentum has continued into the second quarter, with prime developments in the Core Central Region (CCR) such as Park Nova, 21 Anderson, and The Ritz-Carlton Residences topping transaction charts.
Associate Group Director of Propnex Realty, Kiwi Lim attribute this uptick to increasing participation from Singaporean citizens and PRs, who now account for nearly 90% of buyers in the high-end segment. This comes in the wake of higher Additional Buyer’s Stamp Duties (ABSD) for foreigners, which has softened demand from overseas investors but created a window of opportunity for local affluent buyers to secure top-tier properties.
“Luxury real estate in Singapore remains an attractive store of value,” said Kiwi Lim, “we’re seeing more local family offices and second-generation wealth holders entering the market, looking for legacy homes or investment-grade assets with long-term appreciation potential.”
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For new private homes, PropNex Realty reported that in Q1 2025 the Core Central Region CCR – Rest of Central Region RCR saw the price gap narrowing to a mere 4.5%, the narrowest price gap since Q1 2013 (4.8%). This slim gap makes properties in the Core Central Region CCR increasingly attractive to buyers who want central living without heavy premiums and presents a unique value proposition to investors who want to take advantage of this narrow price gap before it widens.
This weekend will see the launch of two highly anticipated luxury condo launches in the Core Central Region CCR that are priced to sell as they priced close to or below Rest of Central Region RCR new condo projects.
Frasers Property and Sekisui House will launch The Robertson Opus: an iconic 999-year mixed-use development in prestigious District 9 at Robertson Quay redefining a new luxury riverside lifestyle along the Singapore River — an exclusive residential enclave with an abundance of amenities and unparalleled connectivity.
Receive ebrochure, floorplans and register for preview of UPPERHOUSE at Orchard Boulevard this weekend
UOL with a legacy of crafting collectible and liveable luxury will be launching a masterpiece for those with an eye for the extraordinary – UPPERHOUSE at Orchard Boulevard blessed with an address that says it all - prestige in Singapore’s most coveted district, where the finest in life is all yours for the taking.
The once-large premium for CCR living has almost disappeared. With RCR homes surging in value and CCR prices stabilising, today's buyers are gaining unprecedented access to prime-location homes at near fringe-market prices. The opportunity may well be ripe for value-focused buyers and astute investors.
Source: Edgeprop and Business Times
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