Big-ticket deals that powered Singapore’s luxury condo scene in 2025
Façade of Kheng Leong Co.’s 21 Anderson, which accounted for 10 of the 15 biggest deals by absolute price and seven of the top 15 by psf price (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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Singapore’s luxury condo market sizzled in 2025, buoyed by a string of transactions at eye-watering prices. At least 13 deals were concluded at $5,000 psf or more, while 16 transactions exceeded $20 million.
In the first 11 months of the year, 383 luxury condo units changed hands, with a total transaction value of just over $3 billion and an average price of $2,960 psf, according to Han Huan Mei, director of research at List Sotheby’s International Realty.
This represents a 50.6% surge in transaction value compared with 2024, when 274 luxury units were sold for a combined $1.998 billion at an average price of $2,739 psf. List Sotheby’s defines luxury apartments and condos as good-quality developments in the Core Central Region (CCR), where prices start from $5 million.
21 Anderson dominates the league tables
One project that dominated the luxury deal rankings in 2025 — both in absolute price and on a per-square-foot basis — was 21 Anderson by Kheng Leong Co.
The development accounted for 11 of the 15 biggest deals by absolute price and seven of the top 15 by psf price. Since its debut in April, 12 of the 18 units have been taken up, including both penthouses, each sold for $52.25 million ($4,999 psf). These two identical units are tied as the largest luxury condo transactions by absolute price this year.
“The market is void of new freehold large-format units; 21 Anderson’s timely launch fills this gap,” says Han.
Each penthouse is a 10,452 sq ft, five-bedroom duplex fitted with a 500-bottle walk-in wine cellar and a roof terrace with a lap pool, jacuzzi and unblocked views over the Ardmore-Anderson enclave.
Typical units at 21 Anderson comprise four-bedroom apartments of 4,489 sq ft. Of the 14 units, 10 have been taken up at prices above $20 million. The remaining two units are two-bedroom apartments of 3,197 sq ft on the first storey. One was sold in October for $9.43 million ($2,950 psf).
Caveat data shows that Singaporeans accounted for just three of the 12 buyers at 21 Anderson. The remaining nine purchasers were Singapore permanent residents (PRs), believed to be predominantly Chinese nationals.
Beyond its generous unit sizes and Anderson Road address — just off Ardmore Park in prime District 10 — Han attributes the project’s strong performance to its luxury positioning. “It offers a suite of top-tier amenities, luxury finishes and concierge services for residents,” she says.
Source: URA Realis, downloaded as at Dec 17, 2025
Long-standing reputation
Han also points to Kheng Leong’s long-standing reputation in the luxury segment. The privately held developer is owned by the family of the late billionaire banker Wee Cho Yaw, who also founded UOL Group. His son, Ee Chao, has been director and CEO of Kheng Leong since 1978.
Recent luxury projects by the developer include 32 Gilstead, a boutique freehold development comprising four-bedroom units ranging from 3,821 to 4,219 sq ft. Launched in April 2024, 12 units have been sold to date at an average price of $3,493 psf, with the latest transaction in November at $3,592 psf, setting a new psf benchmark for the development.
Kheng Leong has also developed luxury projects such as Meyer House (jointly with UOL Group), 15 Holland Hills and Nassim Park Residences (in a joint venture with UOL Group and Orix Corp). In addition, it holds a 10% stake in the 666-unit Skye at Holland, alongside UOL Group (35%), Singapore Land Group (20%) and CapitaLand Development (35%).
Source: URA Realis, downloaded as at Dec 17, 2025
Record-breaking psf prices
The revival in Singapore’s luxury condo market, Han says, has been underpinned by Singapore’s status as a safe haven for wealth preservation, its stable and open economy, and the strength of the Singapore dollar. “Declining interest rates also helped to boost investors’ confidence to enter the market despite high prices,” she adds.
This is evident in the year’s highest psf transactions. At the top of the list is Park Nova, where a 5,899 sq ft penthouse was sold for $38.888 million ($6,593 psf) in January. The buyer is a PR who’s a Chinese national.
The 54-unit freehold project off Orchard Boulevard was developed by Hong Kong-listed Shun Tak Holdings, and completed in October 2024.
Another Park Nova unit — a 2,906 sq ft apartment on the 19th floor — was sold in January for $16.588 million ($5,708 psf), making it the seventh-highest psf transaction of the year. The buyer is a foreigner, although the nationality was not disclosed in the URA data.
At Park Nova, a 5,899 sq ft penthouse was sold for $38.888 million or $6,593 psf, making it the priciest deal this year on a psf basis (Photo: Samuel Isaac Chua/EdgeProp Singapore)
While freehold developments in the traditional prime Districts 9 and 10 dominated many of the year’s headline transactions, 2025 also saw 99-year leasehold, branded residences in the CBD achieving record-breaking psf prices.
In October, a Singapore PR paid $11.687 million or $6,501 psf, for a 1,798 sq ft, three-bedroom unit at the Aman-branded residences, making it the second-highest transaction by psf price this year. The unit is part of The Skywaters, a 99-year leasehold, 63-storey mixed-use development by a Perennial Holdings-led consortium. It is slated to be the tallest tower in Singapore at 305 m when completed in 2028.
The Aman-branded residences comprise 44 units spanning the 28th to 30th floors, and are situated above the Aman Singapore hotel and below the 146-unit Skywaters Residences, which span the 31st to 63rd storeys.
At Skywaters Residences, an Aman-branded residence fetched $6,501 psf in October (Source: SOM/BEZIER)
The October transaction surpassed the previous psf record of $6,100 achieved in May 2024, when a foreigner (nationality undisclosed) paid $47.34 million for a penthouse at Skywaters Residences.
Another Skywaters unit — a 5,285 sq ft, five-bedroom apartment on the 55th floor — was sold in June for $30.87 million ($5,841 psf), ranking among the year’s priciest deals by psf price and third largest by absolute price. The buyer was also a PR.
“Branded residences appeal to discerning buyers who value the blend of luxury hospitality, curated amenities and long-term asset branding,” says Lewis Cha, executive director of List Sotheby’s. “These are often global investors or collectors of trophy assets seeking best-in-class service and exclusivity.”
A 3,057 sq ft, four-bedroom unit on the 13th floor of the Premier block at The Marq on Paterson Hill was sold for $19.18 million ($6,274 psf), making it the third most expensive deal on a psf basis this year (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Resale luxury holds its ground
High prices were not confined to new launches and branded offerings — resale luxury homes with established pedigrees also commanded top-tier pricing.
In third place by psf price was a unit at The Marq on Paterson Hill, a 66-unit freehold condo by SC Global Developments. A 3,057 sq ft, four-bedroom unit on the 13th floor was sold for $19.18 million ($6,274 psf). URA data indicates the buyer was a Swiss national.
Swiss citizens are among nationals from five countries — alongside Iceland, Liechtenstein, Norway and the US — whose Free Trade Agreements with Singapore allow them to apply for Additional Buyer’s Stamp Duty (ABSD) remission. As a result, they enjoy the same tax treatment as Singaporeans purchasing their first home.
The transaction is the second-highest psf price achieved at The Marq to date. The record remains a 3,089 sq ft unit sold for $20.54 million ($6,650 psf) in November 2011.
SC Global’s Sculptura Ardmore also saw two transactions ranked the fourth and fifth highest by psf price. One was for a 3,229 sq ft four-bedroom unit on the 31st floor that was sold for $20 million ($6,193 psf) in November, while the other was for a slightly bigger four-bedroom unit of 3,326 sq ft on the 26th floor that was also sold for $20 million, but at a slightly lower unit price of $6,013 psf in June. One of the units was purchased by a Singaporean, while the other was bought by a PR.
Two units at Sculptura Ardmore were sold for $20 million each, but on a psf basis, it was $6,193 and $6,013, ranking it fourth and fifth priciest deal this year (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Narrowing price gap lifts CCR appeal
Han notes that higher luxury sales in 2025 were supported by new CCR launches such as 21 Anderson, Skye at Holland, The Robertson Opus and UpperHouse at Orchard Boulevard.
“Homebuyers are seeing greater value in CCR projects, especially as prices of Rest of Central Region (RCR) projects have risen significantly,” she says.
For example, the median launch price of River Green (CCR) in August was $3,111 psf — just 6.6% higher than Promenade Peak (RCR) at $2,919 psf. In October, Skye at Holland’s (CCR) median price of $2,949 psf was only 5.7% higher than Penrith (RCR) at $2,791 psf.
“The price gap between new CCR and RCR launches has narrowed to single digits, compared with about 25% in 1H2024,” says Han. “It is therefore not surprising that more buyers are choosing CCR projects.”
This momentum bodes well for upcoming CCR launches in 2026, adds Wong Siew Ying, head of research and content at PropNex. The narrowing price gap “has enhanced the value proposition of CCR projects”.
It has also lifted resale demand. “Astute investors continue to favour older freehold homes with prestigious addresses and proven quality, such as Ardmore Park, Nassim Park Residences and The Marq on Paterson Hill,” Han adds.
Check out the latest listings for 21 Anderson properties
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