Singapore Luxury Residential Prices Remain Stable Amid Declining Transactions, Observes CBRE

Transaction volumes for GCBs and luxury apartments continue to decline, but prices are growing. Market activity is expected to pick up in H2 2024.

March 26, 2024

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Melvin Lin

Head of Marketing & Communications, Singapore

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By Tricia Song (宋明蔚), Head of Research, Southeast Asia, CBRE

Singapore, 26 March 2024 – While transaction volumes for GCBs and luxury apartments continued to decline in H2, there are indications of price growth, according to a CBRE H2 2023 report on the Singapore luxury residential market.

In the GCB market, transaction activity decreased significantly. 2023’s full-year tally of 23 transactions was a historic low for the number of GCBs transacted in a year since 1996. Over the six-month period from July to December 2023, 9 GCBs worth a collective S$202.05 million changed hands, representing a 67.1% y-o-y decline, and a 64.9% decline from the S$575.27 million across 14 GCBs in H1 2023. This is likely attributable to an ongoing money laundering crackdown since August 2023, in addition to existing high interest rates and economic uncertainties. Average prices, however, have shown resilient signs of growth.

The luxury apartment market experienced a similar decline in sales for H2 2023 following the doubling of ABSD levied on foreigner buyers to 60%. However, Q4 saw an uptick q-o-q, driven by healthy demand at new launch Watten House. Prices held firm despite lower transaction volumes. Based on CBRE Research’s basket of freehold luxury projects, average luxury apartment prices rose by 2.2% to $3,417 psf in 2023 from $3,343 psf in 2022, supported by limited premium stock.

Similarly, in Sentosa Cove, transaction volumes and price movements mirrored those observed on the Singapore mainland.

Tricia Song, CBRE Head of Research, Singapore and Southeast Asia, projected, “Transaction volumes in the Singapore luxury residential market are likely to remain subdued for H1 2024. This can be attributed to continued softening of sentiment brought about by economic uncertainties, cooling measures, and the ongoing money-laundering investigations. In addition, despite stable rental yields, some owners may be compelled to put their properties for sale due to the rise in property tax bills for high-value properties.”

“Given Singapore’s strong fundamentals as a business hub, it should however continue to draw investors looking for a safe haven to park their wealth in the longer term. If interest rates start easing and the economy recovers strongly in H2 2024, the price gap between buyers and sellers could narrow and market activity could pick up”, Ms. Song added.

To read the full report, click here.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at