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Singapore’s Prestige Property in 2Q 2025 — Review and Outlook

Singapore’s Prestige Property in 2Q 2025 — A Fact-Checked, Data-Driven Review and Outlook

Author: Zion Zhao Real Estate | 88844623 | 狮家社小赵

Executive summary

Singapore’s ultra-prime residential market held firm in 2Q 2025 despite a patchier broader sales backdrop. In luxury non-landed homes (≥ S$10 million), 59 caveated deals were lodged, with 14 transactions at S$10 million and above; total quantum reached S$481 million for the quarter and S$1.1 billion in 1H 2025. Trophy sales were led by a S$30.87 million five-bedroom at Skywaters Residences, while 21 Anderson chalked up four deals exceeding S$80 million collectively. Rents in the luxury non-landed segment rose another 4.6% q/q to an overall average of S$15,348 per month, with four-bedroom leases up 4.9% to S$18,958. In landed prestige, Good Class Bungalows (GCBs) rebounded sharply to 11 deals totaling S$337.6 million, headlined by a S$58 million Caldecott Hill transaction reportedly linked to the Koufu founders’ family. 

At the macro level, URA’s 2Q 2025 release shows overall private residential prices up 1.0% q/q and rentals up 0.8% q/q, with non-landed prices in the Core Central Region (CCR) rising a robust 3.0% q/q. The pipeline remains ample: ~57,000 units (incl. ECs) are slated for completion “in the coming few years,” while the 2025 Confirmed GLS list nears 9,755 units. These fundamentals—together with stabilising funding costs (3-month compounded SORA dipped below 2% in July)—set the stage for a selective but resilient prestige market into 2H 2025. (Urban Redevelopment Authority [URA], 2025). (Urban Redevelopment Authority) (The Straits Times)










1) What the numbers say (and what they mean)

Luxury non-landed (≥ S$10 million)

  • Activity and value. 2Q 2025 registered 59 caveated luxury non-landed transactions with 14 at ≥ S$10 million. Quarterly quantum reached S$481 million, and the 1H 2025 total hit ~S$1.1 billion (+26.3% y/y). This confirms a broadening beyond one-off trophy buys into steadier, mid-teens-million deals. 

  • Trophy prints. The top quantum was a S$30.87 million 5-bedroom at Skywaters Residences (Downtown Core), sold to a Singapore PR. 21 Anderson—set along one of Singapore’s most prestigious corridors—sold four unitsfor > S$80 million to 3 PRs and 1 citizen. Separately, a S$20 million purchase of a 3,326 sq ft unit at Sculptura Ardmore was caveated by a PR. 
    Independent reporting corroborates these headlines: Skywaters has quickly become the Downtown Core’s flagship ultra-prime; and a 3,326 sq ft Sculptura Ardmore resale at ~S$20 million (~S$6,010 psf) was reported in late September 2025. (EdgeProp, 2025; Wikipedia, 2025). (EdgeProp)

  • Price structure. The top-10 non-landed deals by quantum show a S$24 million at Ardmore Park, S$23.014 million at Hilltops, a cluster of S$15–21 million closings at 32 Gilstead and 21 Anderson, with PSFs ranging roughly S$3,555–S$5,347 psf—evidence of depth across large formats above 4,000 sq ft. 

  • Leasing strength. Overall average luxury rent rose 4.6% q/q to S$15,348; 4-bedroom leases climbed 4.9% q/q to S$18,958, suggesting family-sized formats lead demand—consistent with senior expatriate re-entries, multi-generational households, and UHNW interim housing during redevelopment. 
    This aligns with URA’s rental index uptick in CCR in 2Q 2025 (+1.8% q/q for non-landed), reinforcing an improving high-end leasing market. (URA, 2025). (Urban Redevelopment Authority)

Good Class Bungalows (GCBs)

  • Sharp rebound. 11 GCB deals were done in 2Q 2025 (S$337.6 million total), up from 2 deals in 1Q 2025—evidence that price discovery and seller-buyer expectations have re-aligned after 2023–24’s reset. 

  • Headline print. The largest was a S$58 million site at Caldecott Hill Estate; media indicate buyers are related to the Koufu founders’ family—~S$1,477 psf on ~39,276 sq ft freehold land, near Caldecott MRT. (Mothership)

2) Policy, money, and who’s buying

  • Policy anchors. Since 27 Apr 2023, foreigners face 60% ABSD on any residential purchase; PRs and citizens follow tiered ABSD schedules by property count, with U.S. citizens and certain EFTA nationals (Iceland, Liechtenstein, Norway, Switzerland) accorded similar ABSD treatment as Singapore citizens for a first home under FTAs. This materially channels ultra-prime demand toward citizens/PRs and U.S. nationals, and toward non-residential alternatives for non-eligible foreigners. (Inland Revenue Authority of Singapore [IRAS], 2025). (Default)

  • Who can buy GCBs. GCB ownership is largely restricted to Singapore citizens; foreigners (including PRs) require Land Dealings Approval Unit (LDAU) approval to buy landed property anywhere, including Sentosa Cove. (Singapore Land Authority [SLA], 2025). (Singapore Land Authority)
    Planning parameters specific to GCBA—minimum plot size ~1,400 m², width and site-coverage controls—further preserve exclusivity and the low-density character. (URA, n.d.). (Urban Redevelopment Authority)

  • Funding costs are easing at the margin. The 3-month compounded SORA slipped below 2% in July 2025, implying a gentler rate backdrop vs 2023 peaks—supportive for high-ticket buyers using selective leverage. (The Straits Times, 2025). (The Straits Times)

  • Structural capital inflows. Singapore hosted ~2,000 single-family offices by end-2024 (from ~1,650 in 2023), underscoring persistent wealth inflows even amid tighter compliance post-2023. (Reuters, 2025; The Straits Times, 2025; MAS speech, 2024). (Reuters)
    This deep reservoir of UHNWI capital—together with supportive banking/structuring enhancements in 2025—helps explain the resilience of trophy-asset demand. (Reuters, 2025). (Reuters)

3) How 2Q 2025 fits the broader URA picture

  • Prices: URA’s private residential PPI rose 1.0% q/q, with CCR non-landed +3.0%—a useful macro corroboration for the micro-level luxury prints. (URA, 2025). (Urban Redevelopment Authority)

  • Rentals: Private rents +0.8% q/q, with CCR non-landed +1.8%, dovetailing with the report’s observed jump in large-format luxury leases. (URA, 2025). (Urban Redevelopment Authority)

  • Supply: About 57,000 units are expected to complete over the “coming few years,” while 9,755 Confirmed GLS units in 2025 keep primary-market choice broad (and price expectations disciplined). (URA, 2025). (Urban Redevelopment Authority)

4) Investor/owner implications

  1. For citizens/PRs: With ABSD hurdles concentrated on multiple-property scenarios rather than first homes (and FTAs benefiting a subset of foreign nationals), the effective buyer pool for CCR luxury remains deep. Watch CCR inventory and new-launch pricing relative to resale PSFs in legacy icons (e.g., Ardmore Park, Four Seasons Park) for arbitrage. (IRAS, 2025; URA, 2025). (Default)

  2. For foreign UHNWIs without FTAs: Landed remains restricted; the ABSD-60% makes non-landed trophyunits (or commercial assets) the rational path. Horizon-planning via family-office setups and citizenship/PRroadmaps continues to shape purchase strategies, especially for clients relocating for education or regional headquarters. (SLA, 2025; IRAS, 2025; Reuters, 2025). (Singapore Land Authority)

  3. Leasing strategies: With four-bedroom rents outperforming, owners of 3–5 bedroom CCR assets can consider fitted-plus offerings and corporate-lease positioning to capture premium tenants. Average luxury rents at S$15,348 support interim yield while waiting for capital appreciation catalysts. 

  4. GCB positioning: After 2023–24’s digestion, price-setting prints (e.g., Caldecott Hill) re-opened the market. Given planning controls and citizens-only bias, supply is structurally tight; price dispersion hinges on micro-attributes (land shape, gradient, conservation adjacency) and construction timelines/costs. (URA; SLA; media). (Urban Redevelopment Authority)

5) What to watch in 2H 2025

  • CCR launch cadence vs resale absorption. If launch PSFs gap too far from resale icons’ intrinsic land value, expect resale velocity to lead. (URA, 2025). (Urban Redevelopment Authority)

  • Rates and liquidity. Mortgage costs are easing at the margin; watch SORA and private-bank risk appetite for jumbo tickets. (The Straits Times, 2025). (The Straits Times)

  • Family-office policy plumbing. Faster bank account onboarding and clearer incentive timelines can translate into shorter decision cycles for UHNWI property buys. (Reuters, 2025). (Reuters)

  • GLS outcomes. Confirmed-list tenders set land-cost anchors; outcomes below expectations would cushion launch PSFs, supporting resale competitiveness. (URA, 2025). (Urban Redevelopment Authority)

Methodological notes and cross-checks

For full transparency, this essay is written primarily based on the 2Q 2025 Prestige report (Huttons Data Analytics; URA caveats) for luxury-segment granularity—volumes, quanta, top-10 tables, and luxury-rent indices—corroborated against URA’s official 2Q 2025market release and contemporaneous media on specific transactions and policy. Where policy affects buyer eligibility or cost (ABSD; landed eligibility; planning controls), we cite the relevant statutory authorities (IRAS, SLA, URA). We also contextualize demand with family-office data points. Together, these provide a coherent, auditable view of the quarter. (Urban Redevelopment Authority)

Professional caveat 

For personalized property advice, please kindly contact me directly. This material is educational and general in nature and does not constitute financial, tax, or legal advice. Real-estate decisions should account for personal circumstances, up-to-date regulations, and professional counsel. Please obtain your own legal/tax advice and verify all figures at the point of decision.

Singapore’s prestige market is evolving—and you deserve an advisor who sees beyond listings. 

I’m a Singapore-based real-estate professional with deep fluency in macroeconomics, global affairs, portfolio construction, and Singapore Land Law. Each day I dedicate hours to research and to writing fact-checked essays—like my “Singapore’s Prestige Property in 2Q 2025” review—so your decisions are grounded in data, not hype. For international and local clients—including China Chinese, Southeast Asia families, UHNW individuals, and institutional investors (陪读家长、留学、家办)—I integrate property strategy with equities, crypto, and rates to manage risk across asset classes. My approach is courteous, rigorous, and humble: I do the due diligence, you keep the upside. If you seek diversification, add high-quality Singapore real estate to your portfolio for steadier volatility, potential capital appreciation, and rental yield that feels like dividend income. Let’s align a clear, compliant plan tailored to your goals. Message me for a confidential, no-obligation consultation. Contact me at WhatsApp Contact.

References (APA)

Primary source used for segment-level transactions and rents:

  • URA & Huttons Data Analytics. (2025, July 25). Prestige 2Q 2025 (internal report). 

Appendix: Key datapoints from the Property Report (2Q 2025)

  • 59 luxury non-landed units caveated; 14 at ≥ S$10 million. 

  • Quarterly quantum S$481 million; 1H 2025 S$1.1 billion. 

  • Top sale: Skywaters Residences S$30.87 million (PR buyer). 

  • 21 Anderson: 4 units > S$80 million total (3 PR, 1 citizen). 

  • Luxury average rent: S$15,348; 4-bedroom S$18,958. 

  • GCBs: 11 deals, S$337.6 million; Caldecott Hill S$58 million headline. 


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