Lushhome, Singapore (2026)

26/02/2026

[PRESTIGE REPORT 4Q 2025] Buffeted by geopolitical tensions and uncertainties, the ultra-high-net-worth-individuals (UHNWIs) are making a shift to safe havens like Singapore. Overall, the luxury non-landed homes market saw a surge in demand by 41.3% year-on-year (YoY) to 294 in 2025 from 208 in 2024.

Interest in luxury non-landed new homes more than doubled to 50 on the back of a flurry of new project launches in 2025 like 21 Anderson, Skywaters Residences, UPPERHOUSE at Orchard Boulevard and W Residences Marina View – Singapore. The total value of luxury non-landed homes sold in 2025 was $2.6 billion, 55.9% higher than 2024’s $1.6 billion.

The Good Class Bungalows (GCB) market ended 2025 similar to 2024 due to a flurry of deals from Apr 2025. More sellers were willing to negotiate, resulting in more deals. Total transacted value of GCBs in 2025 was $1.3 billion, 5.2% lower than 2024.

The luxury non-landed homes market may continue to see growth this year. In the GCB market, the lower tenant demand and high property tax may prompt more owners to cash out. There may be more transactions of GCBs in 2026.

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24/02/2026

[SHOPHOUSE UPDATES 4Q 2025] Buoyed by the stronger economic growth and lower interest rates in 2025, sentiments improved in the shophouse market.

An estimated 90 shophouses were transacted in 2025, 7.1% higher than the previous year’s 84 deals. Total quantum of shophouses sold was up by 17.4% year-on-year (YoY) in 2025 to $802.8 million from $683.6 million in 2024.

More than 90% of the shophouses sold in 2025 are less than $15 million, a comfortable price range for many investors. There is an increasing number of shophouses sold at $5 million to less than $10 million due to higher asking prices. The more popular districts among investors were District 8 and 15. These two districts made up more than 45% of total transaction volume in 2025.

Interest in shophouses should be robust in 2026, supported by Singapore’s reputation as a safe haven and low interest rates. The scarcity of shophouses may support values in the long run. Transaction volume and quantum of shophouses is likely to stay stable in 2026.

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20/12/2025

[SHOPHOUSE UPDATES 3Q 2025] The lower interest rates in the past few months generated more enquiries in the shophouse market in 3Q 2025. There were an estimated 28 transactions in 3Q 2025, higher than the previous quarter’s 20 and the 18 transactions a year ago. Transacted quantum of shophouses was $292.5 million in 3Q 2025, 25.6% higher than 2Q 2025.

District 8 and 15 were most popular among investors, accounting for almost half of the total transaction volume in 3Q 2025. Most of the transactions in these two districts were below $10 million which is an attractive entry price for ultra-high net worth individuals (UHNWIs).

Shophouses being a rare asset class with no new supply may appeal to investors seeking strong capital returns. Transaction volume and quantum of shophouses is likely to stay stable in 4Q 2025.

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20/12/2025

[PRESTIGE REPORT 3Q 2025] Interest in the luxury non-landed homes market surged by more than 30% in 3Q 2025 to 81 caveated transactions, led by new launches which also sparked more activities in the resale market.

The continued geopolitical tensions and uncertainties are driving many ultra-high-net-worth-individuals (UHNWIs) to seek safe havens like Singapore. In the first nine months of 2025, an estimated 214 luxury non-landed homes changed hands, 30.5% higher than the same period in 2024.

The top selling luxury non-landed projects in 3Q 2025 were 21 Anderson, The Marq on Paterson Hill and Boulevard 88. A new benchmark price for luxury non-landed homes was achieved in Oct 2025. A PR paid a record $6,501 psf for a unit in the Aman-branded residence at The Skywaters.

Though the year-end holidays may restrain activities in the luxury non-landed home market in 4Q 2025, on a whole, this market segment is poised for its best performance since 2022.

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23/09/2025

[SHOPHOUSE UPDATES 2Q 2025] Activities in the shophouse market in 2Q 2025 was slightly better than the previous quarter. There were an estimated 21 transactions in 2Q 2025, 5% higher than 1Q 2025 and on par with the same period in 2024. The total transacted quantum of shophouses was $332.9 million in 2Q 2025, 179.3% higher than 1Q 2025’s $119.2 million.

Investors appeared to be focusing on assets used for living/hospitality purposes, shifting away from shophouses used for F&B purposes given the tough operating conditions in the industry. 85% of the shophouses sold in 2Q 2025 fell within the sweet spot price of up to $15 million. District 8 and 15 were most popular among investors, making up half of the total transactions volume in 2Q 2025.
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29/08/2025

[PRESTIGE REPORT 2Q 2025] The luxury non-landed market continued to be abuzz with activities in 2Q 2025, with 59 caveated transactions of luxury non-landed homes. In 1H 2025, an estimated 131 luxury non-landed homes changed hands, 33.7% higher than 2H 2024 and 19.1% higher than a year ago.

The number of Good Class Bungalows (GCBs) deals in 2Q 2025 jumped to 11, a sharp increase from 2 in the previous quarter. Total transacted value of GCBs in 2Q 2025 was $337.6 million, 3.2 times higher than 1Q 2025.

Interest in Singapore’s luxury non-landed homes market remained strong with many ultra-high-net-worth-individuals (UHNWIs) expressing their desire to invest in stable locations. Singapore is likely to experience a net inflow of 1,600 millionaires in 2025. This will give a lift to the luxury non-landed market in the months ahead and will be positive for both sales and rental.

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12/06/2025

[PRESTIGE REPORT 1Q 2025] The luxury non-landed homes market got off to a fast pace in 1Q 2025.

Based on caveats lodged, 72 luxury non-landed units were sold in 1Q 2025, the highest in 2 years. This is 63.6% higher quarter-on-quarter (QoQ) and 35.8% higher year-on-year (YoY). The total value of luxury non-landed homes sold in 1Q 2025 was $611.4 million, 64.2% higher than 4Q 2024 and 59.9% higher YoY. The top selling luxury non-landed projects in 1Q 2025 were Park Nova and 32 Gilstead.

The total value of Good Class Bungalows (GCBs) sold in 1Q 2025 was $103.8 million based on caveats. Although this is 12.3% lower than a year ago, the deal size of GCBs in 1Q 2025 was much larger.

More luxury non-landed projects may be launched in the coming months. There may be more large GCBs sold as more wealth and naturalised citizens sink roots in Singapore.

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18/03/2025

[SHOPHOUSE & COMMERCIAL UPDATES 4Q 2024] It was a relatively quiet year for the shophouse market in 2024 with 84 caveated transactions.

While interest has picked up from the trough in 4Q 2023, transaction volume in 2024 has remained below the yearly average of 200 transactions from 1995 to 2023. The total transacted quantum of the caveated shophouses was $683.6 million in 2024, 38.9% lower than 2023’s $1.1 billion.

Many investors are looking at shophouses which have a more bite-size quantum between $5 and $15 million. More than half of the shophouse transactions in 2024 are in this price range. Investors are also looking at those with permission to operate F&B outlets as these tend to offer better returns.

Investors believe that shophouses have the ability to preserve wealth and are resilient due to its scarcity. The cuts in interest rates in the 4Q 2024 will translate into lower borrowing costs and positive carry for some shophouses. Overall transaction volume and quantum of this segment should be stable in 2025.
In the commercial sector, it was a stable year for the strata office market in 2024.

Transactions of strata office units in 4Q 2024 was propped up by the cut in interest rates and the launch of One Sophia. It pulled up the volume for the whole year to 313, similar to 2023’s 309 units. One Sophia with an indicative starting price of $3,000 psf is priced very attractively against resale strata office units in the CBD. In 2024, the total value of transactions in was $1.1 billion, 5% lower than the $1.2 billion recorded in 2023.

Demand for office space may pick up in 2H 2025 if the economy sees continued growth. The Golden Mile in Beach Road will likely be the only commercial project for sale in 2025. The strata office market may see draw more interest due to the lack of new supply.

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04/03/2025

[PRESTIGE REPORT 4Q 2024] The luxury non-landed homes ended 2024 on a strong note despite the harsh 60% ABSD on foreigners.

Caveated transactions of resale luxury non-landed homes in 2024 were 187, close to the 193 deals in 2023. The total value of luxury non-landed homes sold in 2024 was $1.65 billion, 29.1% lower than the 2023’s $2.33 billion. However, the luxury projects breached new heights in prices in 2024.

The top selling luxury non-landed projects by quantum in 2024 were Skywaters Residences, Eden Residences Capitol, The Ritz-Carlton Residences Singapore Cairnhill, Park Nova and 32 Gilstead. More luxury projects may be launched in 2025. Sale and rental transactions in the luxury non-landed homes market may be higher this year.

The Good Class Bungalow (GCB) market recovered from the low in 2023. An estimated 36 GCBs were sold in 2024, higher than the previous year’s 21 GCBs. The total value of GCBs sold in 2024 was $1.4 billion, 80.0% higher than 2023’s $777.2 million. There may be more large GCBs sold in 2025 as more wealth and naturalised citizens sink roots in Singapore.

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27/11/2024

[SHOPHOUSE & COMMERCIAL UPDATES 3Q 2024] There was active interest in the shophouse market in 3Q 2024.

An estimated 18 caveats were lodged for shophouses in the third quarter of 2024, lower than the 21 caveated deals in 2Q 2024. The total transacted quantum of the caveated shophouses was $138.9 million in 3Q 2024, 28.8% lower than 2Q 2024’s $195.1 million. Nevertheless, there were some shophouse deals which were not caveated.

More than half of the shophouse transactions are in the price range of $5 million to less than $10 million. Majority of the transactions in 3Q 2024 are in District 8 and almost all the shophouses sold in 3Q 2024 are on land with a 999-year/freehold tenure.

Investors are attracted to this market segment due to its scarcity and potential strong capital gains. With interest rate cuts in the last couple of months, transaction volume and quantum of shophouses may trend higher in 4Q 2024.

The strata office space market was relatively quiet in 3Q 2024 where 67 strata office units valued at $384.3 million were estimated to have been sold. This number of deals was lower than 2Q 2024’s 79 but the total value was 59.4% higher than 2Q 2024’s $241.1 million.

Meanwhile, rents of office space in the Central Region were down by 0.5% in 3Q 2024, a big contrast against the 3.1% growth in 2Q 2024. The decline was largely due to a fall in Category 1 rents in the Central Area of Singapore as the continued right-sizing of manpower by companies had an impact on the demand.

As the economy picks up, demand for office space may grow in 4Q 2024. New supply remains quite sizeable with Keppel South Central and the redeveloped Shaw Tower completing in the next few years. The strata office market may see more transactions as interest rate is likely to trend lower too.

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21/11/2024

[PRESTIGE REPORT 3Q 2024] Activities in the luxury non-landed homes market are back to pre-cooling measures days. Based on caveats, it is estimated that 55 luxury non-landed homes were sold in 3Q 2024, substantially higher than 3Q 2023 because there was a sharp drop in transactions after Apr 2023’s cooling measures. Many of the foreigners bought a luxury non-landed home upon approval of their PR or citizenship.

The top selling luxury non-landed projects in 3Q 2024 are 32 Gilstead, Nassim Park Residences, Nassim Mansion, Ardmore Park, St Regis Residences Singapore, The Orchard Residences, Beverley Hill and The Lumos.

There were more activities in the Good Class Bungalow (GCB) market in 3Q 2024 with an estimated 12 GCBs sold, higher than the previous quarter of 8 GCBs. The GCB market may see continued interest as the price expectations narrow too.

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Lushhome

26/02/2026

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29/08/2025

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