Singapore Luxury Home Sales Strengthen In Q1 2026 — With Prices At A Two-Year High

Singapore’s luxury residential market held firm in 1Q2026, with 188 landed and non-landed homes in the Core Central Region (CCR) changing hands for $5 million and more, according to data compiled by Realion (OrangeTee & ETC) Research.

That figure excludes bulk deals of more than one unit, and is more than the 186 transactions in 4Q2025 and the 177 luxury units sold in 3Q2025. It also sits well above the past three-year quarterly average of 137 luxury units sold.

This suggests that buyers at the top end of the market aren’t stepping back despite the uncertainty characterising global markets. But most of the strength in luxury sales last quarter was concentrated in a single project launch.

Here’s a closer look at the data.

Luxury new launch sales increase for fourth consecutive quarter

Luxury new launch sales climbed for the fourth straight quarter notching 55 units sold in 1Q2026, the highest single-quarter tally since 4Q2023 when 74 new units were recorded.

River Modern, GuocoLand’s 455-unit luxury condo at River Valley Green in prime District 9, accounts for a significant portion of luxury sales last quarter. The project contributed 38 of the 55 transactions, roughly 69% of all luxury new launch sale activity in the quarter, and about 20% of all 188 luxury transactions across both new and resale. No other single project contributed more than three units.

The project sold almost 90% of its total units on its March 7 launch, days after geopolitical tensions in the Middle East escalated in late February. The strong take-up, despite that geopolitical backdrop, reflects the view among luxury home buyers that Singapore property functions as a long-term store of value rather than a discretionary purchase. 

It also means that luxury new home sales last quarter would have had a different result without the new project. Without it, the new sale transactions would have amounted to 17 units, a fraction of the reported 55, and below some earlier quarters. 

The underlying luxury new launch market, outside of a large-scale project launch, had a fairly modest quarter. Three units each came from Skye at Holland, UPPERHOUSE at Orchard Boulevard, and Watten House, with the balance spread thinly across 32 Gilstead, Park Nova, Newport Residences, 21 Anderson, The Giverny Residences, and two landed properties.

Resale activity dipped slightly to 133 units compared to the 139 units sold in 4Q2025. Unlike the new sale segment, no single project dominated: The Draycott and Leedon Residence led with six transactions each, followed by four units each from Paterson Suites, Nassim Jade, and Goodwood Residence.

Of the 188 luxury units transacted in total, 133 (69.3%) were bought by Singaporeans, comparable to the 136 units (73.1%) in 4Q2025. That pattern is structural. Since April 2023, foreigners purchasing residential property in Singapore have been subject to a 60% Additional Buyer’s Stamp Duty (ABSD), which adds $3 million to the cost of a $5 million purchase. 

The consistent share of Singaporean buyers in the luxury segment – about 69-73% – over consecutive quarters shows the market has found its new normal since the introduction of the policy. Despite the overall sales volume holding up, the total transaction value of luxury homes, including bulk deals, fell 4% q-o-q to $1.7 billion from $1.77 billion in 4Q2025, as the resale segment saw a lighter mix of blockbuster deals than the previous quarter. 

It’s a reminder that headline transaction counts don’t always capture where the money is actually moving.

The push above $3,000 psf

The more telling signal from the quarter is what happened in terms of luxury prices. The number of CCR condos sold above $3,000 psf and with a price tag of at least $5 million rose to 75 units in 1Q2026, up from the 54 units sold in 4Q2025 and 50 units in 3Q2025. The figure is the highest quarterly count since 4Q2023, when 84 such transactions were logged. The resale segment contributed the remaining 22 transactions.

New luxury sales accounted for 53 of those 75 transactions, but River Modern’s footprint again looms large: it contributed 38 of those 53 deals, meaning all other new sale projects combined generated just 15 transactions above $3,000 psf.

At the very top of the market, luxury condo transactions priced at $10 million and above also rose, from 14 units in 4Q2025 to 17 units in 1Q2026. Four of those were new sales across 32 Gilstead and Park Nova, while the remaining 13 were resales. 

The priciest transaction of the quarter was a 6,232 sq ft unit on the 19th floor of The Marq on Paterson Hill, which sold for $37 million ($5,937 psf) in January. A new 2,906 sq ft unit at Park Nova followed at $15 million ($5,161 psf) in February.

If you’re trying to gauge where organic pricing pressure is building in the CCR, the resale figures might be the more reliable read, as buyers there aren’t being carried by a single launch event.

GCB market: fewer deals, lower land rates

Good Class Bungalow (GCB) activity told a different story. Four GCB transactions were recorded in 1Q2026, down from nine that were recorded in 4Q2025, though the count was slightly above the two deals registered in 1Q2025.

The four deals spanned Gallop Road / Woollerton Park ($31.5 million), Brizay Park ($26.6 million), Victoria Park ($22 million), and Chestnut Avenue ($11.5 million).

Based on these sales, the average GCB land rate fell to $1,803 psf from $2,021 psf in 4Q2025, the lowest average recorded since 2Q2022. With only four deals to draw from, the sample is limited, and averages can shift considerably depending on which GCB areas traded in a given quarter.

What the longer trend does show is that land rates have come off their 2023 peak, and buyers who have been watching the segment will find the current environment noticeably less heated than it was two years ago.

The five priciest luxury transactions of the quarter across landed and non-landed properties

Realion expects demand in the luxury residential market to remain robust, particularly in the ultra-luxury and GCB segments where supply is limited.

The relative strength of the Singapore Dollar, the country’s political stability, and zero capital gains tax continue to make the city state a preferred destination for wealth preservation among high-net-worth individuals navigating an uncertain global environment.

The steady growth of family offices here, which manage wealth across generations and jurisdictions, adds another layer of sustained demand that sits largely independent of short-term market cycles.