In 2021, at least 665 luxury residential properties were sold, according to caveat data compiled by URA. This is about a 120% increase over the sales volume in 2020.  

The surge in sales volume in this tier is remarkable. Stoked by a booming stock market, low interest rates, and a pandemic-era’s amplified focus on home life, prices for luxury homes have also risen significantly across the housing types.

A total of 34 bungalows in the GCB areas and 14 bungalows at Sentosa Cove were sold in H2 2021, compared with the corresponding 55 and 11 bungalows sold in H1 2021. This brings the whole year’s tally to 89 and 25 bungalows in the two market segments which were the highest since 2010. 2010 saw the last record high with 120 and 54 bungalow deals in GCB Areas and Sentosa Cove respectively.

In the luxury apartments segment, 288 units were sold in H2 2021, more than the 262 units sold in H1 2021. This adds up to a total of 550 luxury apartments sold in the year, which is also the highest since 2010 when there were 624 deals.

Based on a simple average calculation, prices of luxury homes have risen from end-2020 levels. In the GCB Areas, the average price of a bungalow has risen by 13% to $28.72 mil. Over at Sentosa Cove, the average price of a bungalow at $16.94 mil is 13% higher than a year ago. As for luxury apartments, the average price has risen by 8% to $9.09 mil by end-2021.

Except for Sentosa Cove, the higher sales volume and prices of bungalows in GCB Areas and luxury apartments have resulted in a notable increase in the total transacted value from a year ago. In addition to that, the $2.556b raked in by the 89 bungalows deals surpassed the $2.237b for the 120 bungalows sold in 2010. Similarly, the $4.836b garnered by the 550 luxury apartments exceeded the $4.517b for the 624 luxury apartments sold in 2010. The ability of the ultra-high-net-worth (UHNW) investors to spend more was not only a reflection of their wealth but also their confidence in the Singapore luxury residential market.

Source: URA; List SIR
^ These are bungalows located within the 39 gazetted GCB Areas and include those with land areas smaller than 15,070 sq ft.
* Luxury apartments are defined as good quality (and/or branded) developments in the Core Central Region (CCR) with price quantum of $5mil and above. Note: The above statistics were downloaded on January 9, 2022 and the latest caveats were dated December 30, 2021.

Source: URA; List SIR
Note: The GCB figures were based on caveats lodged for bungalow transactions within the 39 gazetted GCB Areas regardless of land area. Luxury apartments are defined as good quality (and/or branded) developments in the Core Central Region (CCR) with price quantum of $5 mil and above.
The above statistics were downloaded on January 9, 2022 and the latest caveats were dated December 30, 2021. 


2021 saw a total of 89 bungalow in GCB Areas changed hands, raking in a whopping $2.556b. This performance far outweighed the 46 bungalow transactions in 2020 which amounted to $1.091b. Although in terms of sales volume, 2010 was the last record year with 120 bungalow sales, the total transaction value of $2.237b was lower than that for 2021 as bungalow prices were much lower then.

A higher number of bigger bungalows were sold in 2021 compared to 2020. Based on caveat data, seven of the 89 bungalows sold have land areas exceeding 30,000 sq ft. There were 15 deals above $40 mil each and for the first time, two of them achieved land rate above $4,000 psf. In 2020, only one of the 46 bungalows sold has a land area of over 30,000 sq ft and only four were in excess of $40 mil.

Good land plots in much sought after locations continued to attract bungalow seekers. A majority of the bungalows sold are located close to the Singapore Botanic Garden, a UNESCO World Heritage Site. These included the GCB Areas at Nassim Road, Cluny Park, Cluny Hill, Gallop/Woollerton Park and Chatsworth Park.

The recent buyers were mainly new multimillionaires in the finance, trading, tech and pharmaceutical sectors; and were generally younger, in the 30s to 40s age group. There was also a higher number of naturalised citizens buying for their own occupation. We expect to see more first time property buyers (Singaporeans) entering the GCB market in 2022 as they do not need to pay the additional buyer’s stamp duty (ABSD) which have been raised for locals buyng their second and subsequent properties with effect from 16 December 2021.


There were 26 bungalow transactions in 2021, twice the 13 bungalows sold in 2020. This could be attributed to the pandemic which led to lifestyle changes and hence, changes in consumer mindset. As people spend more time at home, many prefer staying in a bigger and more comfortable homes, within a nice environment of greenery or by the sea. Moreover, digital technologies enable business to be run from any location without the need to be located in or near the central business district.

Another reason for the pick-up in buying interest is that the bungalows at Sentosa Cove generally cost less than those on the mainland. Astute buyers saw a window of opportunity to acquire bigger homes and enjoy resort island lifestyle before prices mount a run-up to catch up with those on the mainland.

The stronger sales volume in 2021 supported a gradual price increase. Bungalow price on a per square foot basis has risen by 3% y-o-y to $1,778 psf from $1,727 sf in 2020.

Caveat data showed that the 26 bungalows in 2021 were bought by 14 Singaporeans, eight foreigners, three permanent residents (PRs) and a company. The foreign and PR investors were from Cambodia, Canada, China, Holland, Indonesia, Japan, Malaysia, Myanmar, St Kitts-Nevis and the USA.


The sales momentum of luxury apartments moved briskly through the year with a total of 548 transactions, more than doubling the 237 transactions in 2020. Of the 550 units, 288 units were sold in H2 2021, slightly higher than the 262 units sold in H1 2021

The ongoing wealth effect brought by the pandemic, launch of new ultra-luxury projects and the return of foreign UHNW investors were key drivers for the strong sales.

At least 19 penthouses were known to be sold in 2021 as property buyers looked for bigger living space to accommodate working from home and home-based learning. The most expensive property sold in the year was a 12,077-sq ft penthouse at the ultra-luxurious Les Maisons Nassim, which is still under construction. Its price of $75 mil translates to $6,210 psf, a level not seen since two units at The Marq were sold at $6,215 psf and $6,650 psf in 2011. Three penthouses at Park Nova were sold at $5,300-$5,800 psf while a penthouse at Klimt Cairnhill achieved $5,309 psf. All three projects have freehold tenure and were launched for sale in 2021.


Source: URA; List SIR
Note: The above statistics were downloaded on January 9, 2022 and the latest caveats were dated December 30, 2021.

The number of luxury apartments priced in the $5-$10 mil range numbered 419 in 2021, a 123% jump from the 188 deals in 2020. Similarly, transactions above $10 mil leapt to 131 in 2021 from 49 in 2020, which was the highest ever seen. In 2010, there were only 79 such transactions. On a per square foot basis, prices in the $5-$10 mil band has risen by 2.2% to $2,524 psf and those above $10 mil, by 4.8% to $3,535 psf from a year ago. 

Data compiled by the URA on the profile of buyers showed a marginal shift in the proportion of buyers. In 2021, the 158 foreigners and 157 PRs worked out to around 29% each, while the 210 Singaporean buyers represented 39%. Compared with 2020, the proportion of foreigners (67), PRs (73) and Singaporeans (96) were 28%, 31% and 40% respectively. The lower numbers in 2020 could be attributed to the chaos and closure of borders as the world fought to stamp out the spread of Covid-19, which hampered some of the foreign investment.  

The top five foreign investors (including PRs) in 2021 came from China, Indonesia, USA, Malaysia and India.


Source: URA; List SIR
Note: The above statistics were downloaded on January 9, 2022 and the latest caveats were dated December 30, 2021.


Going forward to 2022, it is likely that the sales momentum of luxury homes will slow down, especially in the first half of the year as buyers and sellers digest the impact of the latest cooling measures. The higher upfront costs and tighter financing conditions are expected to shrink investor appetite, especially for foreign buyers who are slapped with a 30% ABSD, from 20% previously. Afterall, foreigners are key players in the luxury segment. We expect that locals and PRs who are buying their first property for owner-occupation will continue to look for their dream homes. While most sellers of luxury homes will have the power to hold, there could be some who are more willing to lower their price expectations to close the deal.

All said, luxury sales volume in 2022 will lag behind 2021’s and prices are expected to hold firm with a possibility of marginal upside should demand exceeds supply. 


Source: URA; List SIR
Note: The above statistics were downloaded on January 9, 2022 and the latest caveats were dated December 30, 2021.
^ penthouses

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