Buying Singapore PropertySingapore Property Market

What Defines a Luxury Property in Singapore? (2026)

Singapore has no official luxury category. Judge a luxury home by location, price and space, then check stamp duty, who may buy, and how liquid it is in 2026.

By Propwise EditorialUpdated 2 October 20264 min read

Singapore has no single official definition of a luxury property. URA’s price statistics split the private market into regions, not into “luxury” and “mass”. In practice buyers and agents judge a luxury home on three things taken together: where it is, what it costs, and how much space comes with it. In 2026 a fourth test matters as much: who is allowed to buy it, and what stamp duty they pay.

At a glance

  • The three classic tests are location, price (the total sum and the price per sq ft) and space, inside and outside the home.
  • URA reports the Core Central Region (CCR) separately. Its non-landed prices were down 0.1% in the Q3 2026 flash estimate, after a 1.8% rise in Q2.
  • Good Class Bungalow Areas are the strictest land category. There are 39 of them, and a bungalow plot there must be at least 1,400 sqm.
  • On a S$5m home, duties range from S$239,600 for a citizen’s first home to S$3.24m for a foreigner.
  • A S$1m price no longer signals luxury: about 1,590 HDB resale flats sold for that much or more in 2025.

What has changed since the original article

The 2011 version of this piece lamented the pile of labels, such as “super prime” and “ultra luxury”, that came out of the 2007 boom. The labels are still there. It also named a few famous addresses and a “top ten” list of projects from 2009. Those lists date quickly and we do not repeat them. What has changed is the framework around them: stamp duties, foreign-buyer rules and the price level that counts as high-end.

Test 1: Location

Location is still the first test. URA divides the private market into the Core Central Region, the Rest of Central Region and the Outside Central Region. The CCR is the central core of the island, and URA publishes the boundaries on its website, so do not assume they match a postal district exactly.

URA’s flash estimate for Q3 2026 shows how the segments move apart: CCR non-landed prices fell 0.1%, while the Rest of Central Region rose 0.2% and the Outside Central Region rose 2.2%. At the end of Q2 2026, the vacancy rate for completed private homes was 8.3% in the CCR, against 6.1% in the Rest of Central Region and 5.6% outside the central area. A prime address does not guarantee a tenant or a quick sale.

For landed homes, the top tier is the Good Class Bungalow. URA lists 39 Good Class Bungalow Areas, and only bungalow developments are allowed in them.

Test 2: Price, as a total and per sq ft

Price has two parts: the total sum (the quantum) and the price per square foot. The government itself treats S$3m as a marker. Buyer’s Stamp Duty on residential property reaches 6% on the portion above S$3m.

Median price per sq ft by regionPrivate non-landed homes, all sale types, by quarter. S$ per sq ft.
  • Core Central Region
  • Rest of Central Region
  • Outside Central Region
Median price per sq ft by region. Median prices per square foot are highest in the core central region, then the rest of the central region, then the suburbs. The gap between the central and suburban regions narrowed from 2021.S$0S$500S$1,000S$1,500S$2,000S$2,500S$3,00020222023202420252026Median price per sq ft by region. Median prices per square foot are highest in the core central region, then the rest of the central region, then the suburbs. The gap between the central and suburban regions narrowed from 2021.S$0S$500S$1,000S$1,500S$2,000S$2,500S$3,00020222023202420252026

Latest: CCR S$2,238 psf (Q2 2026); RCR S$2,269 psf (Q2 2026); OCR S$2,002 psf (Q2 2026).

Medians of URA caveat prices divided by floor area, calculated by Propwise. A quarter appears once it is complete. Medians in the core central region swing when a few large launches sell.

Table view
PeriodCore Central RegionRest of Central RegionOutside Central Region
Q2 2026S$2,238 psfS$2,269 psfS$2,002 psf
Q1 2026S$2,969 psfS$2,195 psfS$1,854 psf
Q4 2025S$2,791 psfS$2,631 psfS$1,743 psf
Q3 2025S$2,994 psfS$2,356 psfS$1,913 psf
Q2 2025S$2,229 psfS$2,347 psfS$1,635 psf
Q1 2025S$2,359 psfS$2,373 psfS$2,149 psf
Q4 2024S$2,246 psfS$2,466 psfS$1,911 psf
Q3 2024S$2,177 psfS$2,058 psfS$1,644 psf
Q2 2024S$2,122 psfS$1,936 psfS$1,608 psf
Q1 2024S$2,280 psfS$1,962 psfS$1,727 psf
Q4 2023S$2,359 psfS$1,928 psfS$1,689 psf
Q3 2023S$2,296 psfS$2,296 psfS$1,634 psf
Q2 2023S$2,590 psfS$2,373 psfS$1,440 psf
Q1 2023S$2,652 psfS$1,840 psfS$1,485 psf
Q4 2022S$2,589 psfS$1,776 psfS$1,353 psf
Q3 2022S$2,570 psfS$1,796 psfS$1,566 psf
Q2 2022S$2,490 psfS$1,971 psfS$1,351 psf
Q1 2022S$2,406 psfS$1,823 psfS$1,326 psf
Q4 2021S$2,352 psfS$1,841 psfS$1,333 psf

Source: URA. Data to Q2 2026. Licences and notices · All charts

The old yardsticks keep shifting. S$1m once meant a high-end home. Today it also buys a large HDB flat. About 1,590 HDB resale flats sold for S$1m or more in 2025, roughly 6% of resales. Our guide to million-dollar HDB flats explains why.

Test 3: Space

The 2011 article argued that a well-fitted home squeezed into a congested street was not luxurious, and that small units in a prime location were closer to serviced apartments. That reasoning still holds, and the planning rules back it up. Bungalows inside a Good Class Bungalow Area need a plot of at least 1,400 sqm (about 15,000 sq ft), 18.5 m wide and 30 m deep.

Here is a hypothetical comparison. Two homes both cost S$3.5m. One is 1,000 sq ft, or S$3,500 per sq ft. The other is 2,000 sq ft, or S$1,750 per sq ft. They are the same price in total, yet one holds twice the space. A high price per sq ft on a small unit is a premium for the address, and it may or may not be recoverable. Our guide to shoebox units shows how that plays out.

Test 4: Who can buy, and the duties

Luxury homes attract buyers from abroad, and the rules for them differ sharply. This table shows the duties on a hypothetical S$5m home. BSD on S$5m is S$239,600. ABSD varies by buyer.

BuyerABSDTotal dutiesShare of price
Singapore citizen, first home0%S$239,6004.8%
Singapore PR, first home5%S$489,6009.8%
Singapore citizen, second home20%S$1,239,60024.8%
Foreigner60%S$3,239,60064.8%

Foreigners also face limits on the type of home. The Singapore Land Authority says a foreigner needs approval to buy landed homes, Sentosa Cove landed property and vacant residential land. No approval is needed for a condominium unit, so many foreign buyers focus on condos. See our guide to stamp duties for the full rates.

Judging a luxury home in practice

Beyond the four tests:

  • Tenure. Freehold and leasehold homes price differently. Read our guide to leasehold and freehold.
  • Exit. A S$5m home has far fewer potential buyers than a S$1.5m one, so plan for a longer sale.
  • Costs. Maintenance and property tax rise with the home’s annual value. On a home you rent out, property tax is 12% to 36% of annual value.
  • Surroundings. Check the density, traffic and planned development nearby. Space outside matters as much as space inside.

Bottom line

“Luxury” in Singapore is a mix of a prime address, a high total price and real space, now backed by rules about who can buy and what duty they pay. Use the tests together. A famous street, a high price per sq ft or a long facilities list is not enough on its own. This is general information, not personal advice.

luxury propertyluxury homeccrgcbprivate property

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