While luxury units are moving this year, prices are not setting records. There were several transactions at Ardmore Three in Ardmore Park last year that recorded higher psf prices. One unit went for $4,439 psf. A unit at The Nassim sold last year for $25.575 million.

Ms Christine Sun, head of research and consultancy at OrangeTee & Tie, said: "We would expect to see more transactions above $10 million as market sentiment and economic conditions continue to improve. The growing number of high-net-worth individuals and millionaire Singaporeans could see an increasing demand for such homes. Further, Singapore remains a top destination for wealthy foreigners, as our luxury home prices are still more attractive than (those of) other cities like Hong Kong and New York. Our robust GDP growth and healthy expatriate employment should continue to draw affluent foreign buyers here."