Luxury non-landed home sales climb to $2.6 bil in 2025
Park Nova showflat. The freehold condo logged the highest psf price in 2025, with a penthouse fetching $6,593 psf. (Photo: Samuel Isaac Chua / EdgeProp Singapore)
Demand for luxury non-landed homes in Singapore climbed last year, with buyers snapping up pricier and far more units located in the Core Central Region (CCR), sized at 2,000 sq ft and above, and with a price tag of at least $5 million.
Transaction volumes of such properties rose 41.3% to 294 units sold in 2025, up from 208 in 2024, going by Huttons Asia’s latest Prestige Report for the fourth quarter of the year.
The total value of luxury non-landed homes changing hands last year was $2.6 billion, surging 55.9% from $1.6 billion in 2024.
This suggests that ultra-high-net-worth individuals (UHNWIs) are continuing to shift to safe havens like Singapore amid geopolitical tensions and uncertainties, says Mark Yip, CEO of Huttons Asia. Data from the Monetary Authority of Singapore also showed an 8.9% increase in Singapore-dollar deposits with Singapore banks in 2025.
Ultra-luxury project 21 Anderson dominated the list of transactions with the highest price quantums in 2025. (Photo: Samuel Isaac Chua / EdgeProp Singapore)
The year’s top-selling projects by volume were 21 Anderson, 32 Gilstead and Upperhouse at Orchard Boulevard.
In the primary market, interest in new luxury non-landed units more than doubled to 50, on the back of a flurry of project launches such as 21 Anderson, Skywaters Residences, Upperhouse at Orchard Boulevard, and W Residences Marina View - Singapore, Yip said.
In its analysis, Huttons classifies luxury non-landed homes as properties with a transaction value of $5 million and above, strata size of 2,000 sq ft and above, and located in the CCR. Ultra-luxury non-landed homes are defined as those transacted at $10 million and above, with a strata size of at least 3,000 sq ft, and located in the CCR.
Knight Frank likewise observed increased activity in the prime non-landed residential market.
“As interest rates ease, more opportunities are emerging in the prime high-rise market. This is especially so among resale properties, where there is a significant discount compared to newly launched projects,” says Nicholas Keong, head of residential and private office at Knight Frank.
The consultancy’s recent 2H2025 report defines prime residential apartments as non-landed private residential units with a floor area of at least 2,500 sq ft and located in Districts 1, 2, 4, 9, 10 and 11, which constitute prime areas such as the CBD, Orchard Road, Sentosa, Bukit Timah and Thomson.
Sales gallery at W Residences Marina View - Singapore. (Photo: Samuel Isaac Chua / EdgeProp Singapore)
Knight Frank highlights that new sales of high-rise luxury homes of over 2,500 sq ft in prime areas registered a median price of $4,692 psf. In contrast, resale properties with the same parameters posted a median price of $2,130 psf.
With median unit prices of new homes commanding a premium that is more than double that of resale deals, “discerning buyers could find more affordable opportunities for completed luxury homes in the prime areas with good value”, Knight Frank says in its report.
Some of the older, “reputable” projects in the CCR, where larger, family-sized units are more common, can carry price tags at a substantial discount to new launches and may possibly be just as affordable as homes in non-prime areas, the firm adds.
Realion (OrangeTee & ETC) Research’s 4Q2025 luxury market report found that in the fourth quarter, there were 54 condo units in the CCR changing hands at prices of at least $3,000 psf and $5 million, up from 50 units in the third quarter and 34 units in the second quarter.
The 54 units last quarter comprised 34 new sales, 19 resales and 1 subsale, Realion noted. The new sales came from projects such as Skye at Holland (19 units), Watten House (4 units), Park Nova (2 units), 21 Anderson (2 units) and Upperhouse at Orchard Boulevard (2 units).
Enduring appeal in top-tier assets
In 2025, there were 59 ultra-luxury condo deals valued at $10 million and higher — the highest volume since 72 such units changed hands in 2022, according to Realion’s analysis.
Wealthy Singaporeans accounted for six ultra-luxury condo purchases in 4Q2025, while PRs and foreigners bought five and three, respectively. (Photo: Samuel Isaac Chua / EdgeProp Singapore)
During the fourth quarter of the year, buying interest in the ultra-luxury segment remained steady. There were 14 such transactions, unchanged from 2Q and 3Q2025.
Six units last quarter were new sales, while the remaining eight were resales, Realion said. The new sales came from 21 Anderson (2 units), W Residences Marina View - Singapore (1 unit), Skywaters Residences (1 unit), 32 Gilstead (1 unit), and Park Nova (1 unit).
Wealthy Singaporeans accounted for six ultra-luxury condo purchases, making up the biggest share for the quarter. Singapore PRs and foreigners bought five units and three units, respectively.
Realion notes that the priciest ultra-luxury condo transaction in the quarter was a freehold, 417 sq m (about 4,488.6 sq ft) unit at 21 Anderson, which went for $23.3 million, or $5,191 psf.
For the year, 21 Anderson dominated the list of transactions with the highest price quantums, Huttons found. The ultra-luxury residential project topped the chart with the highest value of $52.25 million, which works out to about $4,999 psf.
Skywaters Residence also made the list, with a 5,285 sq ft unit going for $30.87 million or $5,841 psf.
As for the highest psf price in 2025, Park Nova took the crown with a unit fetching $6,593 psf ($38.888 million), Huttons notes.
High-end rental demand
The influx of UHNWIs to Singapore also led to an increase in the number of luxury non-landed homes rented and firmer rents.
An estimated 2,501 units were rented out, about 7.4% higher y-o-y, based on Huttons Data Analytics’ basket of luxury non-landed projects.
Meanwhile, rents reached an average of $15,223 per month in 2025, rising by 5.3% from $14,459 per month in 2024.
Average monthly rents of luxury non-landed homes in 2025:
Source: URA, Huttons Data Analytics as of Jan 23
Analysts bullish on prime market outlook
This year, Knight Frank expects the luxury non-landed home market to be supported by declining interest rates, Singapore’s stability and predictability amid global uncertainty, as well as continued demand for family-sized units in prime locations from both Singaporean and foreign high-net-worth individuals and families with residency.
Price growth may ease in 2026 to range between 1% to 3%, Knight Frank adds. This is considering the 60% additional buyer’s stamp duty which will inhibit foreign buyer demand, and with fewer new units slated to be launched in the CCR as compared to 2025.
Realion reckons Singapore’s ongoing rejuvenation of the Downtown Core into a live-work-play precinct will support luxury buying activity. New neighbourhoods in Newton and Holland will be key growth areas to watch as more land for housing is released.
A few luxury projects are slated for launch in 2026, including River Modern and new projects from the government land sale sites at Dunearn Road and Holland Link, Realion says. The rare freehold Newport Residences in the CBD has also made its debut on Jan 31, selling 57% of units during the launch weekend with units priced at an average of $3,370 psf.
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