Wealthy Singaporeans lead home purchases of $5 million and above

SINGAPORE – Wealthy Singaporeans are snapping up bigger units in prime districts and now account for the bulk of purchases that cost $5 million or more.

Foreign buyers, constrained by higher stamp duties, remain a fraction of the luxury home market.

Latest market reports and data from the Urban Redevelopment Authority (URA) underscore this shift.

Analysts say this domestic-led momentum is likely to shape the next wave of luxury and ultra-luxury launches in 2026.

From July to September 2025, 171 landed and non-landed homes in the core central region (CCR) changed hands for at least $5 million, of which 130 buyers were Singaporeans, noted the Luxury Residential Market Report by OrangeTee, a member of Realion Group.

Luxury home sales in the CCR jumped by more than 20 per cent from the previous quarter.

OrangeTee’s report also noted that the proportion of Singaporeans buying luxury landed and non-landed homes rose from 70 per cent in the three months from April to June to 76 per cent in the third quarter. This is also higher than the 72.5 per cent in the third quarter of 2024.

Ms Christine Sun, chief researcher and strategist at OrangeTee – Realion Group, said: “The strong local demand is a reflection of the growing affluence among Singaporeans and their keen interest in acquiring high-end real estate as long-term investment assets and for wealth preservation.”

She added that family offices have also increased their allocations to luxury residential properties.

The price of such homes sold is rising alongside volumes.

The total value of CCR homes sold for more than $5 million grew by 25.7 per cent quarter on quarter to $1.725 billion from July to September.

Meanwhile, the average price per luxury unit climbed to $10.09 million from $9.73 million over the same period, said Ms Sun.

The number of CCR condos sold for at least $3,000 per sq ft (psf) and $5 million also rose from 34 units in the second quarter to 50 units in the third quarter. New projects such as UpperHouse at Orchard Boulevard, The Robertson Opus, 21 Anderson and Watten House contributed to more than half of the sales.

Latest URA data showed the surge in big-ticket buying continued into October when developers sold a record 2,424 new private homes, the highest monthly sales in 2025. The CCR accounted for 724 units, almost 30 per cent of all sales, with Skye at Holland contributing 91.4 per cent of the sales.

Mr Mark Yip, chief executive of Huttons Asia, noted that Singaporeans made up 86.7 per cent of buyers in October, with Singapore permanent residents accounting for 12 per cent and foreigners just 1.3 per cent.

Out of 49 units sold in the price range of $5 million and $6 million, 31 were bought by Singaporeans, 13 by PRs, with foreigners taking just five units, said Mr Yip.

There were four units sold above $10 million; three were sold to Singaporeans and one to a PR, who also set a record price of $6,501 psf for a leasehold unit in the Aman-branded residence at Skywater Residences, he added.

Mr Yip said the rise in Singaporean buyers at the top end reflects a confluence of factors. Since the additional buyer’s stamp duty (ABSD) was

doubled in April 2023,

some foreigners may have chosen to secure citizenship before purchasing, while ongoing geopolitical conflicts may have highlighted Singapore’s stability and drawn more ultra-high net worth individuals here.

He added that Henley & Partners’ Private Wealth Migration Report estimated 4,100 millionaires migrated to Singapore in the past two years.

Coupled with a strong Singapore dollar, low interest rates and a sharp jump in household cash, locals now have the firepower to treat prime property as a long-term store of value.

At the ultra-luxury level priced above $10 million, we are seeing more Singaporeans and PRs rather than foreigners driving demand, said Mr Yip, who believes this segment will continue to be dominated by Singaporeans and PRs.

However, foreign interest has not disappeared entirely.

Mr Yip pointed out that a Cambodian buyer paid around $5.1 million for a unit at One Marina Gardens. Some foreigners are still prepared to pay 60 per cent ABSD because of Singapore’s status as a safe haven and strong currency, he said.

Mr Marcus Chu, chief executive of ERA Singapore, said local demand for luxury homes could also stem from newly minted citizens and PRs, and he expects ultra-luxury homes to transact at a slower pace.

The pipeline of new launches in 2026 could test how deep local demand runs.

“We may see units in upcoming CCR launches such as Newport Residences, River Modern and the GLS (government land sales) sites at Dunearn Road and Holland Link crossing the $5 million mark for luxury homes, with some larger units like penthouses potentially exceeding the $10 million mark in the ultra-luxury segment,” said Mr Chu.