Wealthy Singaporeans Now Lead Home Purchases Above $5 Million

Singaporeans now make up the majority of buyers for luxury homes priced $5 million and above. From July to September 2025, locals bought 130 of 171 big-ticket homes in the Core Central Region (CCR). Prices and sales volume both climbed sharply, supported by strong household cash positions, low interest rates and a stable Singapore dollar. Analysts expect domestic demand to continue guiding CCR and luxury launches in 2026.

Singapore’s luxury property segment continues to shift in a clear direction. Wealthy Singaporeans are now the dominant force behind luxury home purchases priced at $5 million and above, particularly in the Core Central Region (CCR). Foreign buyer participation has dipped since the hike in additional buyer’s stamp duty, and the numbers show that locals now drive most of the activity in this segment.

From July to September 2025, 171 landed and non-landed homes in the CCR transacted at $5 million and above. Singaporeans accounted for 130 of these transactions. This trend was highlighted in the Luxury Residential Market Report by OrangeTee, a member of Realion Group, and reinforced by data from the Urban Redevelopment Authority (URA).

Luxury home sales rose more than 20 percent from the previous quarter. Singaporean buyers grew from 70 percent in the second quarter to 76 percent in the third quarter. This was also higher than the 72.5 percent recorded in the same period in 2024. Analysts point to rising local affluence, confidence in long-term asset appreciation, and property’s continued role as a store of wealth.

CCR Prices and Transaction Values Are Rising

The price momentum is not limited to volume alone. The total value of CCR homes sold above $5 million rose 25.7 percent quarter on quarter to $1.725 billion from July to September 2025. At the same time, the average price per luxury unit increased to $10.09 million, up from $9.73 million in the previous quarter.

Demand for premium CCR condos priced at least $3,000 per square foot and $5 million also saw an uptick. Sales increased from 34 units in the second quarter to 50 in the third quarter. New launches played a key role here, with developments like UpperHouse at Orchard Boulevard, The Robertson Opus, 21 Anderson and Watten House contributing to more than half of these deals.

Latest URA data also showed that the momentum carried into October 2025. Developers sold a record 2,424 new private homes that month, the highest monthly figure in 2025. About 724 units were in the CCR, accounting for roughly 30 percent of all new sales. Skye at Holland alone contributed 91.4 percent of CCR’s October sales.

Why Singaporeans Are Dominating This Segment

Industry leaders believe several factors have converged to make Singaporeans the main drivers of luxury purchases.

Mark Yip, chief executive of Huttons Asia, noted that Singaporeans made up 86.7 percent of buyers in October, with permanent residents at 12 percent and foreigners at just 1.3 percent. Higher ABSD rates since April 2023 continue to discourage foreign buyers, and some potential foreign purchasers may be opting to secure citizenship first.

Geopolitical tensions and global uncertainties have also pushed more ultra-high net worth individuals toward Singapore, some of whom eventually become citizens or PRs. Henley & Partners’ Private Wealth Migration Report estimated that 4,100 millionaires relocated to Singapore over the past two years.

Combined with a strong Singapore dollar, low borrowing costs and record levels of household cash, locals have the financial strength to treat prime properties as long-term wealth preservation tools.

Even in the ultra-luxury tier above $10 million, Singaporeans and PRs continue to lead. Of the four units sold above $10 million in October, three went to Singaporeans and one to a PR. One notable deal saw a PR set a record price of $6,501 per square foot for a leasehold unit at the Aman-branded Skywater Residences.

Foreign interest still exists, but it is much thinner. A Cambodian buyer paid around $5.1 million for a unit at One Marina Gardens, showing that select overseas buyers remain willing to pay the 60 percent ABSD due to Singapore’s stable environment.

Upcoming 2026 Launches to Test Local Demand

Analysts expect the strength of domestic demand to play a key role in 2026 luxury launches. Projects such as Newport Residences, Thomson View Residences and Government Land Sales sites at Dunearn Road and Holland Link are expected to cross the $5 million mark. Larger penthouses could push past $10 million in the ultra-luxury category.

The big question for 2026 is how deep the local pool of buyers remains. Given current data, demand appears well-supported by affluence, stability and sustained interest in long-term property assets.

Where Terra Hill Fits in This Trend

While CCR luxury homes continue to enjoy strong demand, some buyers are starting to compare them with high-quality freehold projects outside the CCR. Terra Hill, located in the Rest of Central Region (RCR), is an example worth highlighting. It is a freehold development just three minutes from the MRT, starting from about $2,212 per square foot. With 5.5 million securing a freehold 5-bedroom in the RCR, the value proposition becomes clear, especially for buyers who want long-term land ownership, strong rental appeal and a quieter residential environment. For some families and investors, Terra Hill provides a compelling alternative to $5M CCR units while still delivering premium finishes and future growth potential.

If you are comparing CCR luxury homes with strong-value freehold options in the RCR, Terra Hill is a project worth viewing.