Singapore’s ultra-luxury condominium market has demonstrated a marked recovery throughout 2025, with transaction volumes substantially exceeding both the previous year and pre-Additional Buyer’s Stamp Duty (ABSD) hike benchmarks.
The first quarter recorded 17 ultra-luxury condo sales, more than doubling the seven units transacted in Q1 2024 and surpassing the 15 units sold in Q1 2023 prior to the ABSD increase. By late May 2025, 24 ultra-luxury units priced at or above S$10 million in the Core Central Region had already been sold, exceeding the entire first-half 2024 total, while the first three quarters of 2025 documented 47 units transacting above S$10 million, marginally surpassing the 45 units recorded during the equivalent 2023 period.
The composition of purchasers has shifted markedly toward domestic and permanent resident buyers. Of the 17 super-luxury condos sold in Q1 2025, five were acquired by Singapore citizens and eight by permanent residents, reflecting a substantial contraction in foreign buyer participation following the ABSD hike. Newly minted permanent residents have emerged as significant demand drivers, capitalizing on their preferential ABSD rates relative to foreign investors. A notable transaction included the penthouse at Park Nova, which sold for $38.888 million, demonstrating strong pricing power in the ultra-luxury segment. This robust buyer activity mirrors the broader resale market momentum, where secondary sales reached their highest volume since Q2 2022 in Q3 2024, with 0.5% quarter-on-quarter growth indicating sustained residential market engagement.
High-net-worth individuals continue prioritizing Singapore’s macroeconomic and political stability, currency appreciation prospects, and property scarcity when making investment decisions.
Supply constraints have intensified the scarcity effect across the segment. Only 78 new luxury units launched in the Core Central Region during Q1 2025, while overall private residential launches moderated to 3,139 units, representing an 8.35 percent quarterly decline yet remaining double Q1 2024 volumes. This contrasts with the HDB sector where the resale price index climbed to 201.0 points despite experiencing its slowest growth in five quarters.
Robust take-up at standout projects such as Park Nova and 21 Anderson demonstrates sustained demand for quality offerings. Anticipated high-end launches including W Residences, The Robertson Opus, and River Green are expected to generate further interest in the second half of 2025.
Transaction momentum has driven substantial value growth, with luxury apartment transactions jumping 40 percent to 183 units in 2025’s first half compared to 130 in 2024’s second half, while investment value surged 59 percent to S$1.47 billion.
Industry forecasts project aggregate investment volume for luxury residential properties to increase 5-10 percent year-on-year throughout 2025. Private residential property prices are anticipated to rise 3-4 percent in 2025, with the ultra-luxury segment sustaining growth through limited supply, premium locations, and distinctive property characteristics including freehold tenure and expansive floor areas.
