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Good Class Bungalows (GCBs) for Long‑term Prestige and Short‑term Volatility
Good Class Bungalows in Singapore occupy the top of the landed category, with unparalleled scarcity (they number only ~2,800). Owing to declining sales at historical lows—only 23 units were transacted in 2023—the market surged back strongly in H2 2024 when 21 units worth S$865 million were transacted, lifting the year total to 35 GCBs
In Q1 2025, business slowed down considerably to a mere two units sold, the lowest quarterly total since record keeping commenced. Although luxury units over S$5 million continued to experience good demand (143 units during that quarter).
On the basis of price, GCBs have yielded 6–8% yearly appreciation since 2020 in Core Central Region precincts like Nassim Road, with transactions of over S$45 million in recent years. For UHNWIs—particularly Singapore citizens or accredited permanent residents—the GCB segment is still the ultimate symbol of status and wealth vehicle.
Sentosa Cove Landed and Luxury Condos — Waterfront exclusivity
Sentosa Cove is arguably Singapore’s most iconic ultra‑premium neighborhood, the sole landed property where foreigners can purchase leasehold residences. In 2024, volume in Sentosa transactions skyrocketed: property sales rose ~43.8% year‑on‑year with 128 units sold compared to 89 units in 2023. Some of the notable launches are The Residences at W Singapore with median prices of about S$1,802 psf for its 81 units and Cape Royale with S$2,234 psf for some of its rare units. Ultra-luxury resale transactions also caught the headlines: a $16 million property at 2XX Ocean Drive (~S$1,844 psf) and a $14.2 million transaction on Cove Drive (~S$1,777 psf) showcase persistent demand among locals and highly mobile foreigners alike.
This enclave appeals to HNWIs seeking tranquillity, resort‑style amenities and waterfront prestige, Singapore luxury condos traits that remain consistently attractive even amid national cooling measures.
Prime-District Luxury Condominiums (CCR and branded residences)
The luxury condominium market, particularly within the Core Central Region (CCR), experienced uneven but directed recovery. During 2023, luxury apartment sales slowed to 155 units (S$1.54 billion), its lowest since 2020, although average prices still increased ~2.2% year‑on‑year. During H2 2024, luxury apartment transactions reached only 20 units (S$228 million), a decline of almost 40% from H1; however, average prices increased ~2.9% y‑o‑y due to constrained supply. Notably, the consumer profile has changed: foreign buying declined from ~32% in 2023 to only 12% in 2024, with PRs and Singaporeans making up the lion’s share (>85%) of luxury condo sales, driven by long-term investors as well as new wealthy locals. Following the June 2025 interest-rate easing, bullish sentiment is gathering steam and CCR is making a comeback, helped by attractive new launches like The Collective @ One Sophia, Marina View and a big project on Holland Drive, igniting fresh investor appetite. Foreign buyer return in 2025 is widely anticipated as macro stability returns and price gap with RCR/OCR closes.
Heritage Shophouses — niche prestige and asset value
Though outside the mainstream residential stock, heritage shophouses have become ultra‑luxury investments, especially among family offices and entrepreneurial UHNWIs. Transactions involved Ray Dalio’s family office buying two adjoining properties on Club Street for S$25.5 million, and Alibaba’s Jack Ma’s family buying adjacent units for ~S$45 million in 2021. About 6,700 under conservation status were rejuvenated as tax-efficient, multi-purpose commercial-cum-residential properties. Through 2025, though volume has tapered as a result of regulatory oversight, shophouses continue to be an upscale niche driven by lack of supply and international buyer demand.
Key Drivers Behind Ultra‑Luxury Trends
Several structural and behavioural forces shape where ultra‑HNWI buyers are placing capital:
Supply scarcity remains acute in landed and CCR precincts; only ~5% of housing stock is landed, and new GCB lots are virtually nonexistent.
Stamp duty hurdles: Especially the 60% ABSD for foreign investors introduced in April 2023 – have greatly dampened foreign buying at the high end of the apartment and GCB segments, though Sentosa Cove has been partially shielded by exceptions in its leasehold system.
Interest rate cycles: With interest rates falling into late 2024 and mid‑2025, demand from local and regional UHNWIs and PRs has been rekindled.
Growing wealth inflows: Singapore attracted an estimated 3,500 millionaires in 2024, prompting demand for prime real estate from family offices, crypto‑wealth holders, and new citizens.
Emerging preferences: luxury buyers increasingly value sustainability and smart homes, eco‑friendly materials, smart management systems and wellness certifications which translate into stronger pricing and future‑proof appeal.
Conclusion
Over 2020-25’s mid-point, luxury Singapore pays testament to its demand for landed estates (GCBs and Sentosa Cove), followed by brand-name CCR condos and heritage shophouses, each representing contemporary prestige living and investment value. The phenomenon of scarcity, migration of wealth, macro-economic cycles and the trend of sustainable preference are moulding the buyer behaviour. Whether it’s a GCB, skyline penthouse, or heritage gem, luxury real estate in Singapore is more than an investment: it is status, belonging and generational legacy.
