Despite broader economic uncertainty and a subdued GDP growth forecast of 0 to 2 percent for 2025, Singapore’s ultra-luxury condominium market has demonstrated remarkable resilience.
During the first quarter of 2025, 17 units priced at $10 million and above transacted in the Core Central Region, more than doubling the seven units recorded in the corresponding period of 2024. This performance exceeded Q1 figures from both 2023, which saw 15 units transacted, and 2022, which registered 14 units. Huttons reported a 636 percent quarter-on-quarter surge during the same period.
Q1 2025 saw 17 ultra-luxury units transact, more than doubling last year’s figures and outperforming the previous two years.
The momentum extended through the first half of 2025, with 45 luxury apartments changing hands for a combined S$584.3 million. This represents a 53.9 percent increase from the 34 units valued at S$379.7 million in the first half of 2024.
This transaction volume more than doubled the S$228.4 million generated from 20 units in the second half of 2024, prompting CBRE to forecast that total luxury sales for 2025 would exceed S$608.2 million.
By the first eleven months of 2025, 383 luxury condominium units had sold for over $3 billion at an average price of $2,960 per square foot.
Record-breaking transactions punctuated the market throughout the year, with a Park Nova penthouse commanding $38.888 million at $6,593 per square foot. This marked the second-highest psf price on record behind The Marq on Paterson Hill’s $6,650 psf transaction in 2011.
The freehold development at 21 Anderson, developed by Kheng Leong under the family of the late Wee Cho Yaw, contributed four deals exceeding $20 million each.
Buyer demographics shifted markedly following the 2023 Additional Buyer’s Stamp Duty increase to 60 percent for foreigners, with local buyers now dominating the segment. The Core Central Region recorded a 4.3 percent year-on-year price growth, reflecting sustained demand in premium locations.
Of the 17 Q1 2025 transactions, five were completed by Singapore citizens and eight by permanent residents, some of whom were newly minted and benefiting from lower ABSD rates. Buyers from select countries including the United States, Iceland, Liechtenstein, Norway, and Switzerland remain exempt from ABSD on their first home purchase.
Market drivers include demand for freehold tenure and spacious multi-bedroom units, supply scarcity with only 78 new CCR units launched in Q1 2025, and Singapore’s macro stability and currency strength. Experts note that investors prioritize long-term wealth preservation and macroeconomic stability over short-term growth forecasts when making purchasing decisions.
Upcoming projects including Upperhouse, W Residences, The Robertson Opus, and River Green signal continued activity in the segment.
