Wealthy investors have been shoring up ultra-luxury condos in Singapore. Appetite for these trophy assets has grown over the years despite their hefty price tags.

For this premium real estate market, astute investors often prioritise acquiring unique, irreplaceable assets over cost, as the rarified nature of these properties symbolises ultimate prestige and legacy wealth.

In the first quarter of 2026, the market saw an uptick in ultra-luxury home deals, with quarterly sales transactions climbing to a one-year high. A few limited-collection residences, such as penthouses, sky bungalows and villas, were released amid the launch of some luxury and ultra-luxury developments over the past three years. This was one of the factors behind the increase in sales.

Read also: Luxury home sales strengthen in 1Q2026 as deals surge above $3,000 psf

Discerning buyers acted decisively to secure these ultra-luxury homes, as they are well aware that new bespoke residences are scarce and the pool of available premium assets has continued to thin. After all, there is no shortage of wealthy investors here, as Singapore is widely regarded as a safe haven for wealth preservation and capital appreciation.

More ultra-luxury home deals in 1Q2026

The supply of luxury condos remained low as only 11 new luxury projects have been launched for sale since 2024. Some of these projects include Newport Residences, W Residences Marina View — Singapore, The Robertson Opus, River Green, 32 Gilstead, Skywaters Residences, UpperHouse at Orchard Boulevard and Aurea.

A handful of exclusive assets were released to the market, spurring buying interest among ultra-high-net-worth individuals. This year, four new ultra-luxury homes priced from $10 million in the Core Central Region were sold in the first quarter, based on caveat data from URA. Two of these transactions were from 32 Gilstead, while 21 Anderson and Park Nova transacted one unit each.

The positive buying momentum spilt over to the secondary market, where 13 resale ultra-luxury condos were transacted, marking the highest quarterly resales in nearly three years.

A total of 17 ultra-luxury condo deals, excluding bulk deals of more than one unit, were inked in 1Q2026, registering the highest quarterly sales since 1Q2025. Of the 17 transactions, the highest-priced single purchase was a 579 sq m, ultra-luxury condo unit at The Marq on Paterson Hill, which was sold for $37 million in January this year. This was followed by a 417 sq m condo unit at 21 Anderson, which was sold for $23.1 million in the same month.

Ultra-luxury homebuyers staged a strong comeback in 2025

On an annualised basis, ultra-luxury home sales rebounded strongly, two years after new policies were implemented that affected demand.

In April 2023, the government imposed a 60% additional buyer’s stamp duty (ABSD) hike on all foreigners purchasing residential properties in Singapore. After the policy change, the luxury market experienced a substantial drop in foreign buying.

During the same year, anti-money laundering rules were also tightened to address investment risks associated with high-value transactions. More comprehensive checks and due diligence were conducted for each private property purchase, creating additional barriers to luxury home purchases.

The changes caused ultra-luxury condo sales to plummet from 72 units in 2022 to 50 units in 2023, and further to 33 units in 2024.

However, as interest rates declined and market sentiment normalised, many well-heeled investors returned to the ultra-luxury market. Consequently, total ultra-luxury home sales jumped to 59 units in 2025.

More wealthy Singaporean and PR buyers

The robust buying momentum was sustained by locals and permanent residents (PRs).

What was once dominated by wealthy global investors is now within reach of many Singaporeans, with rising incomes and more favourable tax policies. Locals gain a massive competitive advantage over foreign buyers as they do not need to pay ABSD on their first property, or pay only 20% on their second property.

With less competition, some local homebuyers entered the ultra-luxury market. The percentage of ultra-luxury condos bought by Singaporeans surged from 13.3% in 2021 to 30.5% in 2025, according to URA Realis data.

Conversely, the percentage of foreign buyers or non-permanent residents dipped from 45.9% to 16.9% over the same period.

Some foreign investors purchased a property after obtaining citizenship or becoming a PR to enjoy the lower ABSD rates. PRs pay 5% ABSD on their residential property, 30% on their second purchase and 35% on their third or subsequent purchases.

As a result, purchases by PRs now constitute the lion’s share of ultra-luxury condo purchases at 52.5% in 2025, up from 34.8% in 2021.

Some of the foreign buyers were from the US and Switzerland, who were eligible for an ABSD remission. Under the free trade agreements between selected countries — such as the US, Switzerland, Liechtenstein, Norway and Iceland — and Singapore, buyers are accorded the same stamp duty treatment as Singapore citizens, paying ABSD at a rate below 60%.

Increase in high-value purchases

High-value transactions of at least $20 million similarly increased last year. These deals increased from one unit in 2024 to 16 units in 2025, exceeding the 10 units transacted in 2023.

Of these transactions, two 971 sq m (10,452 sq ft) units at 21 Anderson were sold for an impressive $52.25 million each in 2025, marking the first transactions to surpass the $50 million mark since 2022.

Prestigious hotspots in Districts 9 and 10

The prime Districts 9 and 10 have been the crown jewel of Singapore’s ultra-luxury homes. Areas like Orchard Road, Cairnhill, Ardmore and Tanglin have been synonymous with unrivalled prestige and class.

Buyers adore the coveted address, which is in close proximity to the Orchard shopping belt, featuring some of the most luxurious boutiques and Michelin-starred dining. The area is also near the Singapore Botanic Garden and embassies. Highly coveted freehold tenures in these districts are rare, which could be another factor behind the enduring capital resilience of luxury properties there.

In these districts, there are a few iconic developments like Boulevard 88, The Marq on Paterson Hill, Hilltops, The Orchard Residences, and 3 Orchard By-The-Park. These upscale developments showcase architectural designs by world-renowned architects or offer bespoke premium interior finishes set within expansive spaces of lush greenery amid a highly private and quiet enclave.

For instance, the prestigious development at The Marq on Paterson Hill was recognised for its “bungalow-in-the-sky” living experience, with a 15m cantilevered private lap pool on the balconies of some units. Boulevard 88 was designed by Moshe Safdie, the celebrated architect behind global landmarks such as the Crystal Bridges Museum of American Art in Arkansas, and famous local architecture such as Marina Bay Sands and Jewel Changi Airport.

Demand to stay robust

In recent years, a few new luxury and ultra-luxury developments have sprouted, including Park Nova, Les Maisons Nassim, 21 Anderson, Newport Residences and W Residences Marina View. The introduction of new projects will spur buying interest among the super-rich.

Moreover, family offices are on the rise and are reshaping the wealth management landscape here. With more intergenerational wealth transfers, we expect more capital to flow into the ultra-luxury segment.

Demand for premium homes will be sustained for the long run as many investors consider properties a necessary premium for stability in an evolving global landscape. Our strong currency, stable political environment, low corruption, thriving financial ecosystem and premium property valuations will continue to position Singapore at the global forefront as a preferred investment destination.