Even as cooling measures, higher interest rates and macro uncertainty weigh on the broader housing market, one segment continues to show resilience: homes priced at S$5 million and above. Recent deals point to a clear shift — wealthy Singaporeans are now leading the charge in this ultra-luxury band, outpacing foreign buyers in many prime transactions.

Why Local Buyers Are Dominating $5million-Plus Purchases

Several structural and policy factors are driving this trend:

• Higher stamp duties for foreigners have reduced overseas competition at the very top end.
• Rising local affluence from business owners, professionals and second-generation families.
• Desire for stability in a safe, transparent jurisdiction with strong rule of law.
• Legacy planning — using prime homes as multi-generational wealth anchors.

For many affluent Singaporean families, these properties are viewed less as speculative plays and more as core, long-hold assets.

What Types of Homes Are in Demand?

The S$5 million-and-above market spans several key property types:

• Large freehold or 999-year condos in established prime districts
• Sky suites and penthouses with panoramic city or waterfront views
• Good Class Bungalows (GCBs) in traditional prime estates
• Landed cluster homes and bungalows in well-regarded city-fringe enclaves

Buyers in this bracket often already own multiple properties and are upgrading into fewer, higher-quality “trophy” homes with better land value and address prestige.

Impact on the Wider Property Market

The continued activity in the ultra-luxury segment sends a strong signal: top-tier residential assets in Singapore retain deep demand, even when mainstream segments turn cautious.

While mass-market and mid-tier buyers may be more sensitive to financing and affordability, ultra-high-net-worth (UHNW) buyers tend to be less affected by loan costs. Their purchases help support price benchmarks in:

• Prime condominium projects in the CCR
• GCB areas and prestigious landed zones
• Exclusive boutique developments with limited unit counts

Key Considerations for Aspiring Luxury Buyers

For those looking to enter the S$5 million-and-above space, selection is critical. Beyond the headline price, key factors include:

• Land value and tenure (freehold / 999-year vs 99-year)
• Neighbourhood profile and future planning parameters
• Plot shape, frontage and elevation for landed homes
• Quality of management, facilities and community for luxury condos
• Exit strategy — whether the property is meant for legacy, lifestyle, or both

TopBroker Commentary

At TopBroker.com.sg, we observe a clear polarisation: on one end, first-time buyers are carefully navigating affordability; on the other, wealthy Singaporeans are quietly consolidating into larger, rarer homes that can anchor their family wealth for decades.

The right S$5 million-plus property is more than just a luxury address — it can be a strategic asset combining lifestyle, privacy and long-term capital preservation. To get it right, buyers should evaluate not just the unit or house itself, but the underlying land dynamics, planning potential and inter-generational objectives.