Luxury home sales fall as new launches dry up, but resale market stays strong

SINGAPORE: Singapore’s luxury residential property market saw transaction values edge lower in the second quarter of 2026 as a slowdown in new home sales offset continued strength in the resale segment, according to Realion (OrangeTee & ETC) Research.

The consultancy’s Q2 2026 Luxury Market report found that the total value of luxury home transactions, including bulk deals, slipped 3.6 per cent quarter-on-quarter to S$1.67 billion, down from S$1.73 billion in the first quarter.

The decline was largely attributed to weaker sales of new luxury homes. Transaction value in the new home segment fell sharply by 40.7 per cent to S$220 million in the second quarter, compared with S$371 million in the preceding three months.

Meanwhile, the resale market continued to gain momentum. Luxury resale transactions increased 6.1 per cent quarter-on-quarter, with transaction value rising to S$1.43 billion from S$1.35 billion.

Realion Research said the weaker performance in the new home market was due to the lack of fresh luxury project launches during the quarter, resulting in fewer opportunities for buyers seeking newly completed or newly released high-end homes.

The slowdown was also reflected in the Core Central Region’s premium condominium market. Sales activity for homes priced above S$3,000 per square foot and with a minimum transaction value of S$5 million fell from 73 deals in the first quarter to 52 in the second quarter.

New home sales within this high-end category recorded an even steeper decline, dropping to 19 transactions from 50 in the previous quarter.

Despite the softer market, luxury transactions continued to take place across several prestigious developments. Deals were recorded at 21 Anderson, 32 Gilstead, Park Nova, River Modern, Skye at Holland, Skywaters Residences, The Giverny Residences, UPPERHOUSE at Orchard Boulevard and Watten House.

The most expensive transaction on a price-per-square-foot basis during the quarter was completed in April at Skywaters Residences, where a 195-square-metre unit changed hands for S$12.5 million, translating to S$5,947 per square foot.

The second-highest price per square foot was achieved at 21 Anderson, where a unit was sold for S$22.5 million, or S$5,013 per square foot.