A total of 869 landed home transactions, worth a combined $5.4 billion, were recorded in the first half of the year as at June 7 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Landed housing deal momentum in Singapore moderated in 1H2026, with geopolitical uncertainties dampening buyer sentiment, according to the GCB & Prestige Landed Report by PropNex Research.
URA data compiled by PropNex showed that 869 landed home transactions, worth a combined $5.4 billion, were recorded in 1H2026 (as at June 7). This marks a decline from the 1,009 deals worth $5.78 billion logged in the corresponding period last year.
It comes as landed property buyers — often business owners, entrepreneurs and high-net-worth individuals — may have deferred purchase decisions amid concerns over higher energy costs, economic uncertainty and the risk of elevated interest rates, according to the report.
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Despite slower transaction activity, average prices continued to climb across all sub-markets, led by the Core Central Region (CCR). The average landed home price in the CCR rose 20.9% y-o-y to $2,546 psf in 1H2026 (see Chart 1).
Chart: PropNex Research, URA Realis (data as at June 7; retrieved June 12)
The Outside Central Region (OCR) followed with a 9.1% y-o-y increase to $1,909 psf over the same period, while prices in the Rest of Central Region (RCR) grew 6.4% y-o-y to $2,299 psf.
This growth points to resilient buyer demand as well as a fundamentally healthy landed housing market, notes PropNex.
Coupled with the limited supply of landed homes and the strong financial position of homeowners, sellers remain under little pressure to lower their asking prices and can afford to wait for offers that meet their price expectations.
The measured pace of activity in the landed housing market also extended to the Good Class Bungalow (GCB) segment, which logged “fairly tepid” sales momentum in the first half of the year, PropNex says.
Based on caveat data (as at June 7), 10 GCB transactions worth a combined $304 million were recorded in 1H2026 (see Chart 2).
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Chart: PropNex Research, URA Realis (data as at June 7; retrieved June 12)
PropNex expects the full 1H2026 transaction value to come in below the $634 million achieved from 18 GCB deals in 2H2025.
The softer sales were partly due to a mismatch in price expectations between buyers and sellers. While buyers expected prices to moderate amid economic headwinds and geopolitical uncertainties, many owners remained reluctant to lower their price expectations.
That said, PropNex notes that actual GCB transaction activity may have been stronger than the caveat data suggests, as some transactions may not have been caveated.
One such transaction involved a GCB in Tanglin Hill, located within the Ridley Park GCB area. The freehold property, which sits on a land area of 23,979 sq ft, fetched $76 million ($3,169 psf) in February.
In any case, despite the lower sales volume in the first half of the year, the average transacted land rate for GCBs increased to $2,121 psf, up from $2,048 psf in 2H2025.
Among caveated transactions, the largest in 1H2026 (see Table 1) was for a 14,264 sq ft GCB along Nassim Road which fetched $64.9 million in April. That works out to $4,550 psf based on land area, which is a new record for GCBs, going by caveats lodged.
The priciest caveated GCB deal during the first half of the year was for a house in the Nassim enclave (pictured), fetching $64.9 million, or $4,550 psf (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Table: PropNex Research, URA Realis (data as at June 7; retrieved June 12)
Other notable caveated deals involved two adjoining GCBs in the Belmont Park GCB Area, which were sold in separate transactions for a combined value of about $60 million. The properties occupy a combined land area of 41,741 sq ft, translating to $1,437 psf on average.
While macroeconomic conditions are expected to continue influencing GCB transaction activity, PropNex believes prices will remain relatively stable. The firm attributes this to the limited supply of GCBs, their enduring appeal among ultra-high-net-worth individuals, and the strong financial position of both buyers and sellers.
Meanwhile, the ‘prestige’ landed homes segment — defined by PropNex as landed properties (excluding GCBs) transacting above $10 million — bucked the broader slowdown, recording 82 transactions worth nearly $1.2 billion in 1H2026 (see Chart 3).
Chart: PropNex Research, URA Realis (data as at June 7; retrieved June 12)
This marks a 19.3% y-o-y increase in transaction value from $990 million across 72 deals in 1H2025.
The prestige segment also saw a shift towards higher-value transactions. The proportion of deals valued above $15 million increased from 25.5% in 2H2025 to 32.9% in 1H2026. Among these, 2.4% of transactions fetched more than $30 million (see Chart 4).
Chart: PropNex Research, URA Realis (data as at June 7; retrieved June 12)
On the other hand, homes priced between $10 million and $15 million accounted for 67.1% of prestige landed deals in 1H2026, down from 74.5% in 2H2025.
As geopolitical tensions in the Middle East show signs of easing amid ongoing peace talks, PropNex expects sales momentum in luxury landed housing to strengthen in the second half of the year.
Demand could also receive a boost from Singapore’s plans to admit more new citizens and permanent residents, which may support purchases of landed homes and strengthen leasing demand.
Although macroeconomic headwinds linger, the firm believes Singapore’s safe-haven appeal will continue to underpin demand in 2026.
In the rental market, leasing demand for GCBs and other high-end landed homes continued to be weighed down by tighter anti-money laundering (AML) measures that have dampened activity since August 2023.
Additionally, ongoing global economic uncertainties have further softened demand, with cost-conscious tenants opting for more affordable houses or private condos, says PropNex.
Against this backdrop, there were 1,771 rental contracts signed between January and May 2026, slightly fewer than the 1,781 inked in the same period last year (see Chart 5).
Chart: PropNex Research, URA Realis (1H2026 data up to May 2026)
Nonetheless, the value of rental contracts rose to $18 million during the five-month period, up from the $17.4 million recorded a year earlier.
The record for the priciest landed property leasing deal in the first five months of this year (see Table 2) was jointly held by two detached houses, one in Dalvey Estate and another along Cove Way in Sentosa Cove. Both properties commanded a monthly rent of $65,000 each.
Table: PropNex Research, URA Realis (data as at May 2026)
Going forward, recent measures to streamline AML processes could create more favourable conditions for the luxury leasing market, PropNex says.
In May, the Monetary Authority of Singapore announced initiatives aimed at shortening account-opening and application processing times for private banking accounts.
“Over time, these measures could help reduce friction associated with onboarding high-net-worth individuals and further enhance Singapore’s appeal as a global wealth management hub, which may help to support leasing demand at the top-end of the market,” the report states.
Despite easing tensions in the Middle East, PropNex believes it may take time for improving sentiment to filter through to Singapore’s landed housing market.
In the near term, buyers are likely to stay cautious amid economic uncertainties, corporate restructuring exercises and concerns over inflationary pressures.
That said, the market remains supported by resilient fundamentals.
“The limited supply of landed homes, particularly GCBs, rising affluence, a higher intake of new citizens and Singapore’s reputation as a safe-haven destination can help to underpin demand and support values over the longer term,” PropNex notes.
The firm expects buyers — particularly in the GCB segment — to still be selective, focusing on well-located and attractively priced properties. Sellers, meanwhile, could become more willing to negotiate their asking prices to facilitate transactions.
Overall, PropNex anticipates the landed housing market, including GCBs, to be stable in the second half of 2026.
“Transaction activity may continue to be affected by macroeconomic uncertainties and evolving geopolitical developments, while the pace of price growth is likely to stay measured.”
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