The luxury non-landed homes market in Singapore experienced a robust start in the first quarter of 2025, with 72 units sold, marking the highest sales in two years, according to Huttons Asia’s Prestige Report. This represents a 63.6% increase quarter-on-quarter and a 35.8% rise year-on-year. The total value of these transactions reached $611.4m, a 64.2% increase from the previous quarter.
Foreigners and permanent residents (PRs) accounted for 12 of the 17 transactions valued at $10m or more, signalling a return to pre-cooling measures interest levels last seen in Q1 2023. Notable sales included two units at 32 Gilstead purchased by foreigners, and a penthouse at Park Nova acquired by a PR.
The Good Class Bungalows (GCBs) market also saw significant activity, with a total sales value of $103.8m in Q1 2025, despite being 12.3% lower than the previous year. The deal sizes, however, were larger, with a notable transaction in Cluny Hill reaching $58m.
Looking ahead, the market is expected to stabilise in Q2 2025, partly due to recent US tariff announcements. Nonetheless, the launch of new luxury projects, such as 21 Anderson, which sold three units for over $60m in April, reflects ongoing confidence in Singapore’s ultra-luxury market. Mark Yip, CEO of Huttons Asia, noted that this confidence underscores Singapore’s status as a safe haven for ultra-high-net-worth individuals.
