21 Feb 2024
Luxury Property Market Outlook 2024
Property Insight

Singapore's luxury property market enters 2024 as a beacon of resilience and exclusivity,continuing to draw high-net-worth individuals with its offer of exceptional quality and prestige despite economic shifts and property cooling measures. The Core Central Region(CCR), in particular, has been a hub of activity with an estimated 3,491 units transacted in2023, including 1,448 new home sales and 2,043 resale transactions. This robust activity underlines the segment's allure amid broader macroeconomic challenges and restrictive property measures.

Looking forward, 2024 promises an exciting phase for the CCR with several high-profile launches anticipated, including The Cairnhill, Marina View Residences, Skywater Residences, Newport Residences, and One Leonie Residences. The scarcity of recent launches in the CCR has led to pent-up demand, poised to drive healthy interest from both buyers and investors. Projections for private home transactions are optimistic, with estimates ranging between 3,500 to 4,000 units, reflecting a positive outlook for the luxury property market.

Leedon Green emerged as the best-selling new project launched in the CCR over the first 11 months, moving 131 units at a median price of $2,942 per square foot, signaling sustained interest in premium residences. The luxury market also saw significant transactions, with at least 36 resale condos exceeding the $10 million mark, including a notable sale atGoodwood Residence for $32.0 million. Such transactions underscore the enduring appeal of ultra-luxury condos, tailored to a niche clientele with distinctive tastes and the financial means to pursue such investments.

2024 also heralds the arrival of Skywater Residences, set to become Singapore's tallest building and home to its highest residence. This development is expected to captivate those seeking an unparalleled residential experience, offering luxurious living at new heights with breathtaking views across the Central Business District (CBD). Skywater Residences Epitomizes the trend towards iconic, luxury living spaces that define the city's skyline,blending opulence with a unique residential experience.

Singapore's luxury property market thus stands on the cusp of a transformative year, with demand for high-end residential spaces expected to remain strong. The market's resilience,driven by a combination of local appeal and international interest, positions it for sustained growth and dynamism. As developers ready themselves for a year of significant launches,the luxury property segment is poised to offer new opportunities for discerning buyers and investors, reinforcing Singapore's status as a premier destination for luxury real estate

Click here for the full report


Prepared By:
Mohan Sandrasegeran
Head of Research & Data Analytics

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Singapore’s new private home market took a breather in August 2026, with 153 units sold excluding Executive Condominiums (ECs), compared with 731 units in July. The moderation was largely anticipated due to the absence of major new project launches and the Hungry Ghost Festival period, when developers traditionally take a more measured approach towards launches. As such, the lower sales volume primarily reflects launch timing and limited fresh supply rather than a significant shift in underlying homebuyer demand. 

The quieter launch calendar gave previously launched projects greater visibility and a longer window to sustain marketing efforts and convert buyer interest. July launches Dunearn House and Lentor Gardens Residences emerged as August’s two best-selling projects. Dunearn House recorded 18 units sold at a median price of $3,008 psf, while Lentor Gardens Residences sold another 15 units at a median $2,367 psf. Their continued sales indicate that buyer interest carried through beyond the initial launch period despite the quieter primary market. 

Other projects continued to record transactions. Coastal Cabana EC and The Sen each sold 12 units, followed by Union Square Residences with 10 units and Hudson Place Residences with nine. Arina East Residences recorded eight sales, while Chuan Park, Narra Residences and Rivelle Tampines EC each sold six units. The project table on page 2 shows that demand remained spread across the Core Central Region, Rest of Central Region and Outside Central Region. 

Existing EC projects under the previous framework also remained well absorbed. As of August, Aurelle of Tampines, North Gaia, Otto Place and Rivelle Tampines had each sold more than 97% of their units. Coastal Cabana was 82.1% sold, with 134 units remaining. The EC market is entering a transition following policy measures introduced in May and the subsequent National Day Rally announcement, which raised the EC household income ceiling from $16,000 to $18,000 for projects on sites where land sale tenders close on or after 24 August 2026. Existing projects and sites awarded before the effective date will continue under the previous framework. 

Looking ahead, September could remain relatively measured amid the school holiday period, although the new home market is positioned for a subsequent pickup. Upcoming projects including Amberwood at Holland, Lucerne Grand, Thomson Reserve and The Serra Residences are expected to introduce fresh residential supply and broaden homebuyer choices across different locations and market segments. 

The return of major launches should help reenergise primary market activity, with sales momentum for the remainder of 2026 increasingly shaped by the timing, pricing and market reception of these developments. External economic and financing conditions are also expected to become increasingly important considerations for homebuyers as the market moves into the next phase of its launch cycle. 

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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17 Sep 2026
Lorong Puntong GLS Tender: Eco World Tops Bid at $1,612 PSF PPR

The Lorong Puntong / Sin Ming Avenue Government Land Sales (GLS) site attracted seven bids, with Eco World Development (S) Pte. Ltd. submitting the highest offer of $208.1 million, equivalent to $1,612 psf ppr. The next highest bid, from Intrepid Investments Pte. Ltd. and TID Residential Pte. Ltd., was $187.3 million or $1,451 psf ppr. The site is expected to yield approximately 140 residential units, providing an opportunity for a relatively smaller-scale private residential development within the established Upper Thomson and Bishan catchment. 

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Prepared By:

Mohan Sandrasegeran

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Email: mohan@sri.com.sg

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Singapore Rental Property Market 1H2026: Stable Growth Amid Resilient Leasing Demand

Singapore’s residential rental market remained resilient in the first half of 2026, with the overall private residential rental index rising by 1.0%, following the 1.2% increase recorded in 1H2025. The measured increase points towards a more balanced and sustainable rental environment, as the market continues to absorb the wave of private housing completions delivered over the past two years. Leasing demand remains supported by Singapore’s resilient labour market, continued inflow of expatriate professionals and stable economic conditions. 

Leasing demand was also well distributed across individual developments. Normanton Park emerged as the most actively leased RCR project with an estimated 426 transactions, while Treasure at Tampines led the OCR with 301 transactions. Within the CCR, Marina One Residences recorded 289 transactions, ahead of The Sail @ Marina Bay and The M. These trends highlight tenant preferences for accessibility, proximity to employment centres, lifestyle amenities and value for money. 

Looking ahead, Singapore’s residential rental market is expected to remain broadly stable through the second half of 2026, with rental growth likely to stay measured. Approximately 5,012 private residential units are scheduled for completion over the remainder of 2026, expanding rental inventory and providing tenants with greater choice. The HDB market should also benefit from an expanding supply of flats reaching their Minimum Occupation Period, with around 18,000 flats expected to reach MOP in 2027 and approximately 21,000 in 2028. Overall, healthy underlying demand and increasing housing supply are expected to support a more balanced rental environment characterised by greater tenant choice, improved affordability and moderate rental growth. 

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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