More luxury condos leased out in 1Q2026, rents inch up on the year; GCB market subdued
The show unit of a penthouse at a luxe development in the Core Central Region. (Photo: Albert Chua/The Edge Singapore)
The first three months of this year saw more luxury non-landed homes being leased out while their rents increased slightly on a y-o-y basis, according to the latest quarterly report by Huttons tracking the high-end residential market.
About 577 units were taken up by tenants during the quarter, up 3.2% y-o-y but down 7.1% q-o-q, based on Huttons Data Analytics’ basket of luxury non-landed projects.
Average monthly rents grew by 1.2% as compared to the year-ago period, though largely unchanged from the last quarter of 2025.
The recent increase in rental demand for posh condos could have been partly due to more ultra-high-net-worth individuals (UHNWIs) choosing Singapore as their base to manage their wealth amid geopolitical tensions in the Middle East, said Mark Yip, chief executive of Huttons Asia.
"Singapore’s safe-haven status, political stability, strong rule of law, competitive tax regime and low corruption appealed strongly to these UHNWIs," he added.
The report defines luxury non-landed homes as those with a strata size of 2,000 sq ft and above, located in the Core Central Region and with a transaction value of $5 million and above.
Average monthly rents of luxury non-landed residential properties:
Source: URA, Huttons Data Analytics (as of April 24)
Over in the Good Class Bungalow (GCB) market, activity was generally muted in the first quarter of 2026, a stark contrast to the previous quarter albeit “significantly better” than a year ago, Yip noted.
The total transacted value of houses in GCB Areas stood at $183.6 million in the latest quarter, sinking by 63.3% from 4Q2025, but rising by 76.9% from 1Q2025, albeit against a low base.
Transaction volume and value in Good Class Bungalow Areas over the years:
Source: URA, Huttons Data Analytics (as of April 24)
This came amid a widening mismatch in price expectations between sellers and buyers in 1Q2026, which led to a stalemate.
The quarter’s biggest GCB deal was a property along Nassim Road that was sold for $92 million to Ian Tan, founder and medical director of V Medical Aesthetics Group, according to the Huttons report.
Top deals, by price, in GCB Areas in the first quarter of 2026:
Source: URA, Huttons Data Analytics (as of April 24)
In the rental market, the estimated number of GCBs leased during the quarter remained broadly steady. This was supported in part by the inflow of UHNWIs, Yip said.
Compared to 4Q2025, fewer houses commanded monthly rents of $30,000 and below, though more houses were leased out at higher rates of between $30,001 to $70,000 per month.
GCB rents by quantum, in each quarter:
Source: URA, Huttons Data Analytics (as of April 24)
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