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Private House Market, Cyclical Like Life
Overall inflation has eased substantially more than expected in January, and the tenacious housing market has peaked, with private house prices flattening and rents falling for the first time in three years.
That acceleration ending in the last quarter of 2023 was a big reason for the pickup in the total number of deals for non-landed private homes (including executive condominiums), with a holding period of five or less years, as homeowners cash out, with nearly quadrupled to 2,507 in 2023 from 681 in 2019.
Over the years, we have witnessed the fluctuations of market trends, changing preferences and the constant pursuit of the ideal home. The recent price rise might appear intimidating against the backdrop of economic headwinds. History and experience are reminders that the market, much like life, is cyclical, and periods of austerity often precede those of abundance.
Scattered like secret gardens through urban sprawl, private houses aren’t just about luxury living — though there’s plenty of that. Owning a private house isn’t just about square footage and a fancy address; it’s about a lifestyle uniquely personal to you.
It’s about stepping back in time through the grandeur of a colonial bungalow with verandas past. It’s about embracing the future with the sleek lines of a modern home reaching towards the skies.
And as our decades of experience have shown us, this period in Singapore is set to tell its own story.
A private house in Singapore includes condominiums and landed properties, specifically detached or semi-detached residences, as well as executive condominiums converted into private properties 10 years from the date of construction.
Singaporeans and PRs Drive Surge in Private Home Purchases
Private house prices witnessed a 6.7% ascent in 2023, a waltz slower than the previous year’s rhythm. This deceleration tells us that the market is slowly catching its breath, yet the spirit of luxury housing remains undimmed. The fourth quarter brought an exciting turn of events as landed property prices swelled by 4.5%, a bold countermove to a prior 3.6% dip.
On the other hand, contemporary high rises, with their sleek lines and innovative designs, point skyward. Meanwhile, the non-landed segment held its ground with a 2.2% price increment, mirroring the steadiness of the preceding quarter.
Singaporeans and permanent residents led this past year’s race for top place in private house purchases, accounting for 98.5%, with foreign interest at silver at 1.5%.
Foreign ownership of private houses in Singapore has experienced a significant drop, falling to a 12-year low of 62 in the final quarter of 2023, compared to 271 in the first quarter. Interestingly, Americans have replaced Chinese buyers as the leading foreign demographic for private property purchases in the latter half of 2023. Chinese buyers dropped dramatically from 177 in the first half of 2023 to just 11 in the second half.
The anticipation of interest rate adjustments, hopefully sooner than later, might be the potential catalyst for rejuvenating buyers’ interest from abroad to counter fleeting economic challenges.
With careers spanning more than twenty years in high-end real estate, our team at Singapore Luxury Homes holds the keys to ultra-premium private houses in the most sought-after neighbourhoods, from penthouses with top views to landed houses with coastal views.
Of course, such exclusivity comes at a cost. These estates represent a significant investment, demanding a hefty price tag and ongoing upkeep. From maintaining sprawling gardens to potential renovations, owning a private house is a commitment, but returns can be stable due to strong government infrastructure. But for those seeking more than just a place to live, the rewards where every nook and cranny has a story to tell are undeniable.
Breathe easily into our top picks for private houses $5 million and up — spaces that provide comfort, amenities and privacy — across distinct neighbourhoods ready to call you their home.
Modern Gem in Sentosa Cove With Show-Stopping Marina Views Asks $8.9 Million
Spanning almost 3,800 square feet, the bright and airy coastal home reflects a luxurious, airy coastal feel. The open floor breathes spaciousness, flowing into the next. Sliding glass doors span the main living space’s length and open onto an ocean-facing balcony.
This residence’s heart is a stunning kitchen and dining area, masterfully redesigned to feature a luxurious L-shaped island that welcomes a social atmosphere. The space is anchored by an architecturally striking, glass-sided staircase wrapped in exquisite marble, leading the eye upwards and integrating seamlessly with the area’s sophisticated aesthetic.
The 5 bedrooms, particularly the master suite with its private bathroom and balcony access, are havens of comfort and privacy. Another standout feature is the penthouse’s expansive private balcony and swimming pool, a versatile outdoor space ideal for entertainment or relaxation, enhancing the coastal living experience.
Adjacent to this central gathering point is an expansive wine room, offering not just storage but a statement of refined taste, designed and fully renovated by award-winning Elliot James for over $1 million.
The building offers its residents a 24-hour concierge, a fitness centre, a club room, a pool and spa, and 40 private berths in Sentosa Cove, where the call of the open sea meets prestigious golf courses and a tropical lifestyle.
$2.5 Million Renovation across 3-Storey Penthouse with Private Garden Rooftop Terrace
Throughout the ‘sky mansion,’ an array of balconies and a vast private terrace extend the living space into the heavens, crafting an ambience of boundless openness. This private residence showcases luxury and sophistication, making it an ideal home for contemporary family living. The gourmet kitchens are equipped with Meile appliances and Liebherr refrigerators, while the bathrooms are masterpieces of design, with every detail reflecting taste and style.
The spacious and opulent interiors showcase American oak timber flooring, extending into vast living spaces that blur the lines between indoor and outdoor comfort. Balconies grace both sides, leading to a large terrace designed for unforgettable open-air social events, offering stunning city vistas and upscale conveniences such as a mini pantry and powder room.
Or indulge in cinematic nights with the family in the private house’s exclusive home theatre, equipped with a 120-inch screen, 4K projector, and immersive surround sound system, creating your movie nights at home with family and friends.
An entire level is devoted to the master suite in this private haven, with a lavish bathroom, expansive walk-in wardrobe, and awe-inspiring vistas, giving the word ‘retreat’ new meaning.
It’s a rarity to find a three-storey, 5 bedroom and 5 bath freehold penthouse near prestigious schools in the prime Bukit Timah area for only $2,624 psf, with similar-sized non-landed private houses reaching $5,451 psf over the past year.
This 7,050 sqft property offers stunning living with a unique investment opportunity for generations.
$35 Million Dream House for Legacies to Come
Set within the coveted Sixth Avenue neighbourhood, a Good Class Bungalow (GCB) is under construction, with its highly anticipated unveiling expected in late 2024. This architectural wonder blends contemporary beauty with timeless luxury.
This estate epitomises spacious luxury by occupying 9,213 square feet of land and featuring a substantial 14,388 sqft of living space. Every aspect, from exquisite finishes to premiere designer fittings, is tailored to its future homeowners.
The entrance opens to a grand foyer, revealing an expansive floor plan. It houses living areas, each designed for diverse occasions. The dining space elevates family gatherings into luxurious daily celebrations.
Adjacent, the chef’s kitchen, equipped with top-tier appliances, offers ample room for culinary exploration, supported by a functional wet kitchen for everyday needs, ensuring seamless utility integration.
The residence showcases five ensuite bedrooms, each an oasis of privacy and comfort, with bespoke baths and personal seating areas, embodying a perfect balance of private retreats and elegant design.
A hub for relaxation and socialising, the property includes a custom fitness suite and a cinema room for immersive entertainment. Oenophiles will be captivated by the dedicated wine vault ready for aficionados, providing an ideal environment for collecting and enjoying the finest wines.
Outside, a striking pool becomes the centrepiece for leisure and hosting. The nearby convertible dining pavilion, with restroom facilities, can transform into a sauna, marrying relaxation with wellness.
Additional amenities feature a vast wardrobe area and a capacious basement garage for eight vehicles, including two electric charging stations, reinforcing convenience and eco-friendliness.
This GCB is a dwelling and a lifestyle statement in one of Singapore’s most prestigious locales. Note that some images are provided as artistic interpretations of the property. For precise layouts and floor plans, please get in touch with our team.
Ready to turn your dream home from vision to reality? Reach out to our top 1% real estate team today. We’ll help you find the ideal private house and make the journey effortless. Don’t hesitate – your dream home is waiting!
