Singapore's super-posh homes are world’s 2nd most expensive

Romesh Navaratnarajah12 Dec 2018

Aerial view of luxury apartments in Singapore.

In Singapore, 12 residential properties costing over US$25 million (S$34.33 million) have been transacted in the year to August 2018, according to Knight Frank’s inaugural Global Ultra-Prime Market report.

These 12 luxury homes were transacted at an average price of US$44.1 million (S$60.55 million), the second highest among 17 ultra-prime markets across the globe.

More: 5 Singapore properties that ‘Crazy Rich Asians’ will love

“Singapore is undoubtedly an ultra-prime market – although it sees the smallest number of transaction numbers compared to our other city markets,” said the property consultancy.

“Transactions at this price level (over US$25 million) are mainly found close to Orchard Road, with proximity to this being the key defining factor. Properties transacting at the top-end of the market tend to be large houses or bungalows with additional amenities such as a swimming pool and large gardens. There have been a handful of apartments in this space, but only large penthouses are likely to achieve this price point,” noted Knight Frank.

Meanwhile, Hong Kong saw the highest average price of US$52.8 million, while Sydney took the third spot with an average price of US$43.8 million.

In terms of transaction numbers, Hong Kong once again took the top spot with over 47 homes costing more than US$25 million changing hands in the year to August 2018. This was followed by New York with 39 units sold and London (38).

Overall, 116 ultra-prime residential properties were transacted in the first eight months of 2018 with a combined value of USD$5.1 billion. In comparison, last year recorded 155 transactions collectively worth US$6.9 billion.

Knight Frank defines ultra-prime residential markets as locations with at least three sales of homes costing over $25 million per annum over the past three years.

The 17 markets include the four ski markets of St Moritz, Gstaad, Courchevel and Aspen. The second-home ultra-prime markets consist of Malibu and Palm Beach in the US, the Caribbean as a whole, plus Cote d’Azur and Monaco in Europe. For cities, these include London, New York, Hong Kong, Los Angeles, Sydney, Miami, Paris and Singapore.

Estimate your maximum property affordability with our Affordability Calculator

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email


You may also like these articles

Singapore's luxury home market will bear brunt of new curbs

Patrick Foto/ShutterstockOverseas property hunters may pull back.By Property ReportSingapore’s recently announced cooling measures will have their biggest impact on luxury residential property seek

Continue Reading6 Aug 2018

Singapore luxury home prices up 11.5 percent in first half 2018

View of luxury apartments in Singapore.Leading the growth in luxury home prices, Singapore, along with Tokyo, bucked the trend of falling prime prices across the world, as prices of luxury homes withi

Continue Reading7 Sep 2018

Luxury Orchard condo sells nearly 50% of units released

View of 8 St Thomas from the spa pool. (Photo: Bukit Sembawang Estates)The 8 St Thomas luxury condo in prime District 9 has found buyers for almost half of the units released for sale since the projec

Continue Reading30 Nov 2018