Q4 2025 closed Singapore’s ultra-luxury year on a mixed but ultimately resilient note. The URA CCR non-landed price index slipped 3.2% quarter-on-quarter — a correction after 3Q 2025’s 1.7% surge — yet the full-year story was one of remarkable recovery: 59 CCR condo transactions priced at S$10 million and above were recorded in 2025, the highest count since 2022. The GCB market was equally compelling, with 36 deals worth S$1.364 billion across the full year, headlined by a record S$148 million Peirce Road trade in December 2025. Q4 was not a quarter of broad-based price gains; it was a quarter that separated trophy-asset conviction from speculative positioning (as of 2025-12).
Singapore’s ultra-luxury property segment entered Q4 2025 carrying the momentum of the strongest first half since the April 2023 cooling-measure shock. The H1 2025 luxury non-landed market had surged 54% by volume year-on-year, driven by a confluence of factors: relative interest-rate stabilisation following MAS’s adjusted exchange-rate band policy, a record-breaking family-office inflow year, and a succession of high-profile CCR project launches including Skye at Holland, Watten House, and 21 Anderson (as of 2025-06).
The regulatory backdrop — critically, the 60% Additional Buyer’s Stamp Duty (ABSD) on foreign purchasers — remained unchanged through Q4 2025. This structural constraint continued to channel demand almost exclusively toward Singapore Citizens, Permanent Residents, and qualifying Free Trade Agreement nationals from the United States, Switzerland, Iceland, Liechtenstein, and Norway. The question heading into Q4 was whether domestic ultra-high-net-worth (UHNW) demand alone could sustain transaction volumes after the H1 burst, or whether seasonal fatigue and higher base effects would weigh on year-end activity (as of 2025-09).
The answer, as the data below shows, was nuanced: headline unit volumes in the CCR’s S$10 million-and-above tier held up through Q4, but composite index pricing corrected off a high base, consistent with a market that had front-loaded its best deals into the first three quarters of the year. The GCB sub-segment, by contrast, delivered one of its most spectacular individual transactions in recorded history, reinforcing Singapore’s structural appeal as a safe-haven for bespoke landed assets at the very top of the wealth pyramid (as of 2025-12).
Quarterly snapshot of Singapore's $10M+ property market — GCB landed plus ultra-luxury condos.
The headline data point for Q4 2025 is the URA Q4 2025 flash estimate, which recorded a 3.2% quarter-on-quarter decline in the CCR non-landed price index — the sharpest single-quarter retreat of 2025 and a reversal of 3Q 2025’s 1.7% gain. The overall non-landed index fell a marginal 0.1% qoq to 208.3, confirming that the CCR pullback was segment-specific rather than market-wide. Outside Central Region (OCR) prices edged 1.0% higher, extending the previous quarter’s 0.8% gain, while the Rest of Central Region (RCR) rose 0.7% qoq (as of 2025-Q4).
The mechanistic explanation for the CCR index correction is supply composition: 3Q 2025 benefited from four CCR project launches that generated index-supportive transactional data at fresh-launch premiums. Q4 2025 had only one CCR new-launch — Skye at Holland — which, while performing exceptionally with 19 new units sold in the quarter, could not replicate the multi-project effect that inflated 3Q benchmarks. On a like-for-like resale basis, price levels were broadly stable (as of 2025-12).
For the ultra-luxury S$10 million-and-above sub-segment specifically, Q4 2025 saw 54 CCR condo units changing hands at prices of at least S$3,000 psf and S$5 million — up from 50 in Q3 and 34 in Q2 2025. The priciest individual unit transaction was a 417 sqm (approximately 4,489 sqft) freehold unit at 21 Anderson, which transacted at S$23.3 million (S$5,191 psf), cementing 21 Anderson’s position as one of Singapore’s premier super-luxury addresses (as of 2025-Q4). Wealthy Singaporeans accounted for six of the 14 S$10M+ CCR condo transactions in Q4, with PRs and foreigners (qualifying ABSD-exempt treaty nationals) contributing five and three respectively.
The full-year 2025 count of 59 ultra-luxury CCR transactions at S$10 million and above marks the highest annual tally since the 72 deals recorded in 2022. This recovery trajectory — from 7 in Q1 2024 to 59 across all of 2025 — is one of the more dramatic demand recoveries in the segment’s post-cooling-measure history, driven almost entirely by domestic UHNW buyers and the limited pool of ABSD-exempt foreign nationals (as of 2025-12). Key project contributors across the year included Skye at Holland (19 Q4 units alone), Watten House (4 units), Park Nova (2 units), and 21 Anderson (2 units) as disclosed by EdgeProp.
The GCB market delivered its most dramatic single transaction in years in December 2025: a freehold bungalow on a 80,448 sqft site along Peirce Road sold for S$148 million (S$1,840 psf), making it the largest GCB deal of 2025 by absolute price and one of the largest in Singapore’s recorded GCB history. The full-year 2025 GCB total reached 36 transactions worth S$1.364 billion at an average of S$2,134 psf — compared with 23 caveated deals worth S$652 million in 2024, a near-doubling of value in a single year. Off-market deals and younger-generation buyers (second-generation family wealth transferring intergenerationally) were identified as key structural drivers by PropNex research cited by EdgeProp (as of 2025-12). A separate S$41.6 million GCB at Dalvey Estate (S$2,674 psf) was transacted at just 11.5% below its S$47 million asking price, underscoring tight negotiating leverage for well-located trophy land.
For full-market context, Singapore’s luxury non-landed home sales — broadly defined as CCR units above a pricing threshold — climbed to S$2.6 billion in total value for 2025 according to EdgeProp’s full-year analysis, reflecting the combined effect of higher volumes and firm per-unit pricing. The ERA Q4 2025 research report characterised the year-end as a “dip after strong Q3, firm outlook for 2026,” a framing broadly consistent with this commentary’s reading that Q4’s index softening was a technical correction rather than a demand-side deterioration (as of 2025-Q4).
- Singapore Citizen or PR targeting a CCR condo above S$10M: Q4 2025’s index correction is a relative entry-point improvement versus Q3, but the absolute price level remains near multi-year highs. The single most actionable step is running a full all-in cost model before engaging agents: use the Stamp Duty calculator to quantify BSD at this tier (approximately S$600,000 on a S$10M purchase), then the Total Cost of Purchase calculator for legal fees, valuation, and renovation provisioning. The District 9, District 10, and District 11 market overviews provide current resale price benchmarks by sub-area (as of 2025-Q4).
- GCB buyer (Citizen or Permanent Resident with SLA approval): The Peirce Road S$148M transaction is a pricing outlier — do not use it as a benchmark for a 15,000 sqft inner-district GCB in Bukit Timah or Nassim. The S$2,134 psf full-year average is itself skewed; request at least 5 comparable caveated transactions from your agent and cross-verify on URA REALIS. The off-market share of Q4 2025 GCB deals was substantial — a buyer relying solely on listed inventory will see only a fraction of what cleared. Engage an agent with verifiable GCB transaction history; the buyer advisor flow can surface relevant CEA-registered specialists (as of 2025-12).
- Foreign national or corporate entity: The 60% ABSD remained in force throughout 2025 and no public signal of relaxation was given by MAS or the Ministry of Finance as of year-end. At S$15M+, the ABSD liability exceeds S$9M. The only rational path for qualifying foreign buyers is via the five Free Trade Agreement nationalities (US, Swiss, Icelandic, Liechtenstein, Norwegian) who are treated equivalently to Singapore Citizens for ABSD purposes. All other foreign nationals should redirect attention to commercial real estate or office strata, which carry no comparable surcharge. Review the luxury property map for spatial context on where qualifying-national transactions are clustering (as of 2025-12).
- Family office or trust structure: The S$2.6 billion full-year luxury non-landed total confirms that institutional and family-office-adjacent capital continued to flow into Singapore residential in 2025. The preferred vehicle remains direct personal ownership by the qualifying individual (to avoid entity-level BSD complications) under an approved family-office structure. The Singapore property investment guide outlines the current entity-vs-personal ownership trade-offs; consult a qualified tax adviser before any S$10M+ transaction via a corporate or trust vehicle (as of 2025-12).
- Pull your own Q4 2025 CCR comparables from URA REALIS. The URA REALIS portal is free to access and contains all caveated transactions. Filter by postal district (9, 10, 11) and a minimum consideration of S$5,000,000 for the quarter ending 31 December 2025. Cross-reference the 54 headline units against the specific projects and price-per-sqft to identify where within the range a target property sits.
- Model all-in acquisition cost before shortlisting. BSD on a S$10M property is approximately S$569,600; ABSD for a Singaporean buying a second property adds 20% (S$2,000,000). Run the Stamp Duty calculator and Total Cost calculator in sequence to confirm your capital requirement includes all non-negotiable transaction costs — buyers routinely underestimate by 5–8% at this tier.
- Check GCB planning parameters before any site visit. Verify the specific GCB area designation, minimum lot size compliance, and any conservation overlays via the Master Plan map and URA SPACE. A GCB at S$40M on a 1,380 sqm lot is non-compliant for GCB status and may be reclassified at the owner’s risk — always confirm current approved land use with URA before transacting.
- Engage at least two independent agents for off-market GCB intelligence. Q4 2025 data confirmed that a meaningful share of GCB volume does not generate caveats. The Dalvey Estate S$41.6M trade was settled at 11.5% below asking, demonstrating that private negotiation still occurs even in a strong year. Off-market access requires agent relationships, not portal browsing; use the buyer advisor flow to find specialists with documented GCB track records.
- Stress-test 2026 holding-period returns using current gross yield. Ultra-luxury CCR gross rental yields are structurally low, typically in the 1.5%–2.2% range. At S$15M acquisition cost, annual rental income of S$300,000 delivers a 2.0% gross yield before maintenance, property tax, and agent fees. Use the ROI calculator to assess whether the total-return thesis (yield + capital growth) justifies a 2026 entry at Q4 2025 price levels, particularly given the CCR index’s 3.2% qoq Q4 correction.
- Review the ABSD remission schedule for your exact buyer profile. The IRAS ABSD page is the authoritative source for current rates and remission conditions. Changes to the schedule are gazetted without prior market notice — verify immediately before exchange of contracts, not at the research phase.
The Q4 2025 CCR price index decline of 3.2% qoq deserves a more sceptical reading than the headline volume figures might suggest. A market where volumes climb quarter-on-quarter (from 34 in Q2 to 50 in Q3 to 54 in Q4 at the S$5M-plus CCR tier) but the composite price index simultaneously retreats is, by definition, clearing at lower average per-unit values. The simple interpretation — “more units sold, so demand is robust” — conflates volume with pricing power (as of 2025-Q4).
The underlying dynamic is that the Q4 2025 transactional pool was compositionally different from Q3: fewer brand-new super-prime penthouses and more mid-tier CCR units that technically meet the S$5M threshold but represent the lower end of the “ultra-luxury” definition. When only one new CCR launch (Skye at Holland) is generating fresh data points, the index reverts toward its broader resale base — which was trading at values below 3Q’s new-launch-inflated benchmarks (as of 2025-12).
The GCB sector’s headline S$1.364 billion figure is compelling but masks significant concentration risk. The S$148 million Peirce Road trade alone represented approximately 11% of the full-year GCB value. Strip out the three or four largest transactions of 2025 and the market looks substantially thinner. This is characteristic of the GCB segment — it is not a liquid market with hundreds of comparables — but it means that the “average of S$2,134 psf” statistic carries substantial uncertainty intervals. A buyer purchasing a GCB in 2026 at S$2,100 psf is not necessarily buying at fair value relative to trend; they may be anchoring to a metric heavily skewed by a handful of extraordinary trades (as of 2025-12).
The structural question that persists into 2026: Singapore’s UHNW domestic pool, while deep in absolute terms, is finite. The 2025 recovery was powered partly by pent-up demand from buyers who had been sitting on the sidelines since the April 2023 ABSD shock. Once that cohort has transacted, sustaining 59-deal-per-year ultra-luxury condo volumes without either a relaxation of foreign ABSD or fresh super-prime new launches may prove challenging. The pipeline of bespoke CCR developments with S$10M+ units is not infinite (as of 2025-Q4).
Frequently asked questions
How many ultra-luxury condo transactions (S$10M+) occurred in Singapore in Q4 2025?
In Q4 2025, 54 CCR condo units transacted at prices of at least S$3,000 psf and S$5 million, up from 50 in Q3 and 34 in Q2 2025. For the stricter S$10 million-and-above definition, the full-year 2025 tally reached 59 units — the highest since the 72 deals recorded in 2022. The priciest Q4 transaction was a 417 sqm unit at 21 Anderson for S$23.3 million (S$5,191 psf). Data sourced from caveat records on URA REALIS (as of 2025-Q4).
Why did the CCR price index fall 3.2% in Q4 2025 even as transaction volumes rose?
The Q4 2025 CCR index decline was primarily compositional. Q3 2025 benefited from four new CCR project launches that introduced index-supportive data at fresh-launch premiums; Q4 had only one CCR new-launch (Skye at Holland). When new-launch super-prime penthouses are absent from the transaction pool, the index reverts toward the broader CCR resale base, which trades at lower average price points. Volume can rise (more units clearing the lower-price threshold) while the aggregate index falls. The URA Q4 2025 flash release contextualises the decline as a high-base correction (as of 2025-Q4).
What was the largest GCB transaction in Q4 2025?
The single largest GCB deal of the entire year closed in December 2025: a freehold site of 80,448 sqft along Peirce Road transacted at S$148 million, equating to S$1,840 psf on land area. This surpassed all other 2025 GCB deals by absolute price and is one of the largest GCB transactions in Singapore’s recorded history. A separate Dalvey Estate GCB sold at S$41.6 million (S$2,674 psf), settling 11.5% below its S$47 million asking price (as of 2025-12).
What does S$2,134 psf GCB average price in 2025 mean for buyers?
The S$2,134 psf figure is the full-year 2025 simple average across 36 GCB transactions worth S$1.364 billion. It is a useful broad benchmark but should not be treated as a precise valuation anchor for any individual site. The distribution is wide: the Peirce Road trade alone at S$1,840 psf (on an exceptionally large 80,448 sqft site) sits well below the GCB average, while some inner-district Nassim or Tanglin Road sites transact above S$3,000 psf. Always obtain at least five specific comparables from URA REALIS for sites within 500m and of comparable land area before negotiating (as of 2025-12).
Can a foreigner buy a luxury condo in Singapore in 2026?
Yes — foreigners may purchase non-landed private residential property (including CCR condos) without restriction. However, the Additional Buyer’s Stamp Duty (ABSD) for foreigners remained at 60% as of year-end 2025. On a S$15 million condo purchase, this is S$9 million in stamp duty alone — on top of Buyer’s Stamp Duty of approximately S$900,000. The only exemption route is for nationals of the US, Switzerland, Iceland, Liechtenstein, or Norway under their respective Free Trade Agreements with Singapore, who are treated as Singapore Citizens for ABSD purposes (as of 2025-12).
Which CCR projects drove ultra-luxury condo sales in Q4 2025?
Skye at Holland was the dominant Q4 2025 CCR new launch, contributing 19 units in the quarter alone. Other projects with Q4 activity included Watten House (4 units across the year), Park Nova (2 units), 21 Anderson (2 units including the quarter’s priciest deal at S$23.3 million), and Upperhouse at Orchard Boulevard (2 units). These projects are concentrated in Districts 9, 10, and 11 — see the District 9, District 10, and District 11 analytics pages for neighbourhood-level pricing context (as of 2025-Q4).
What is the gross rental yield on a S$10 million CCR condo in Singapore?
Gross rental yields on ultra-luxury CCR condos (S$10M+) are structurally low, typically in the range of 1.5%–2.2% per annum depending on unit size, furnishing quality, and lease terms. A S$10 million condo generating S$20,000 per month in rent delivers a gross yield of 2.4%; a S$23 million unit at the same monthly rent yields approximately 1.0%. Net yield after property tax (approximately 11–13% of annual value), maintenance fees (S$800–S$2,500 per month), and agent commissions (one month’s rent per year) will be 0.5%–1.5% lower. Use the ROI calculator and Cash Flow calculator to model after-tax, after-cost returns (as of 2025-Q4).