The Wealthy Are Still Buying! Singapore Luxury Home Transactions Hit New Highs: What Is the Driving Force?

Luxury Residential Market Continues to Strengthen

Singapore’s luxury residential market maintained its strong performance into the first quarter of 2026. According to a report by Realion (OrangeTee & ETC), the Core Central Region (CCR) recorded a total of 188 residential transactions (both landed and non-landed) valued at S$5 million and above.

This figure was not only slightly higher than the 186 transactions registered in the preceding quarter, but also notably above the 177 transactions in 3Q 2025, far exceeding the three-year quarterly average of approximately 137 transactions. This underscores the enduring strength of demand for prime residential properties.

New Luxury Home Sales Rise for Fourth Consecutive Quarter

Notably, luxury new home sales have now expanded for four straight quarters. A total of 55 transactions were logged in 1Q 2026, marking a new high since 4Q 2023.

Among them, River Modern emerged as the standout performer, contributing 38 transactions on its own and acting as a primary growth driver. Meanwhile, projects such as Skye at Holland, Upperhouse at Orchard Boulevard, and Watten House also registered selective transactions.

River Modern launched on 7 March and moved nearly 90% of its units on launch day, accounting for approximately 20% of all luxury sales in the first quarter—further demonstrating the strong appeal of prime CCR launches.

Resale Market Sees Slight Moderation

In contrast, the luxury resale market underwent a modest pullback, easing from 139 transactions in the previous quarter to 133 transactions.

Transactions were predominantly concentrated in Draycott Eight and Leedon Residence, followed by developments such as Paterson Suites, Nassim Jade, Goodwood Residence, Boulevard 88, and Regency Park.

Despite the slight contraction in transaction volume, overall market momentum remained healthy.

Local Buyers Remain the Core Driver

In terms of buyer demographics, domestic purchasers continue to anchor the luxury residential segment.

In 1Q 2026, Singapore Citizens made up roughly 69.3% of buyers, largely on par with the 73.1% recorded in the prior quarter. This highlights that, within the current policy framework, local high-net-worth individuals (HNWIs) remain the backbone of the luxury housing market.

Market observers noted that despite macroeconomic uncertainties globally, buyers continue to view Singapore luxury real estate as a reliable vehicle for long-term wealth preservation and asset allocation.

Total Transaction Value Dips Marginally

In terms of sales value, total transaction volume (including bulk deals) reached approximately S$1.7 billion in 1Q 2026, reflecting a minor decline of around 4% from S$1.77 billion in the previous quarter.

Among this, resale sales value fell from S$1.43 billion to S$1.3 billion, whereas new home sales value expanded from S$300 million to S$400 million, signalling a gradual pivot in market interest toward new project launches.

Transactions Above $3,000 PSF Reach New Peak

Pricing trends similarly demonstrated a noticeable upward trajectory.

Within the CCR, the number of units transacted above $3,000 psf with a total quantum exceeding S$5 million rose from 50 units in 3Q 2025 and 54 units in 4Q 2025 to 75 units in 1Q 2026—the highest level recorded since 4Q 2023.

New developments accounted for 53 of these transactions, while resales made up the remaining 24, indicating that prime new launches are serving as key catalysts driving pricing breakthroughs.

Top-Tier Deals Set Fresh Benchmarks

The highest unit price of the quarter was achieved at The Marq on Paterson Hill, where a 6,232 sq ft unit changed hands at $5,937 psf, translating to a total consideration of S$37 million.

The second highest was recorded at Park Nova, with a unit transacting at $5,161 psf for a total price of approximately S$15 million.

At the same time, transactions of ultra-luxury homes priced above S$10 million reached 17 deals, up from 14 in the previous quarter, indicating sustained momentum at the pinnacle of the market.

GCB Market Experiences Short-Term Dip

By comparison, the Good Class Bungalow (GCB) segment experienced a temporary lull this quarter, logging only 4 transactions compared to 9 in the preceding quarter.

Nonetheless, on a year-on-year basis, this remains higher than the 2 transactions seen in the same period in 2025. Deals were sealed in established prime enclaves including Gallop Road/Woollerton Park, Brizay Park, Chestnut Avenue, and Victoria Park.

Concurrently, average land rates for GCBs eased to $1,803 psf, a notable drop from $2,021 psf in the prior quarter and the lowest level recorded since 2Q 2022.

Outlook: Demand Expected to Remain Resilient

Looking ahead, demand across the luxury home sector is projected to remain resilient. Ultra-luxury apartments and GCBs, in particular, will continue to command interest from high-net-worth buyers given their acute scarcity.

While global economic headwinds may introduce periodic volatility, Singapore’s standing as a premier safe-haven destination remains undisputed. A stable political landscape, a resilient currency, institutional transparency, and a mature financial ecosystem continue to draw global wealth seeking capital preservation.

Furthermore, the steady influx of family offices reinforces Singapore’s position as a leading wealth management hub in Asia. Bolstered by favourable conditions such as the absence of capital gains tax, ongoing capital inflows are anticipated to sustain the long-term fundamentals of the luxury property market.