Singapore's Luxury Property Market in 1H2026: A Market Finding Its Footing

If you've been watching the Core Central Region (CCR) over the past few years, you'll know it hasn't exactly been short on new supply — until, suddenly, it was. Between 2023 and early 2025, the prime residential segment went through a genuine launch drought. That drought has now broken. According to newly released research from Singapore Realtors Inc (SRI), the first half of 2026 has been the CCR's most active six months since 2022 — and the numbers tell a story of a market recalibrating rather than cooling off.

Here's what the data shows, and what it could mean if you're weighing a move in the luxury segment this year.

Price Growth Is Moderating — Not Reversing

Based on URA's flash estimates cited in SRI's research, the non-landed private residential price index for the CCR rose by an estimated 2.6% in 1H2026, down from 3.8% growth over the same period last year.

Non Landed Price Index

That's a meaningful deceleration, but it's still growth. What's changed isn't buyer appetite so much as the supply backdrop: after years of constrained Government Land Sales (GLS) conversion, a wave of previously awarded sites has finally reached its launch phase. More competing stock tends to put a natural ceiling on how fast prices can climb — a healthier dynamic than the scarcity-driven spikes of prior years.

The Launch Drought Is Over

This is arguably the headline story of 1H2026. An estimated 701 new CCR units were launched in the first half of the year — the strongest half-year launch volume since 1H2022 (847 units), and a dramatic rebound from just 96 units in 1H2025.

Units L:aunched in CCR

Two projects did most of the heavy lifting here: River Modern and Newport Residences. Together, they account for the bulk of this cycle's new CCR inventory, and — as we'll see below — they also drove almost all of the sales momentum.

Buyer Demand Followed the Supply

New home sales in the CCR reached an estimated 761 units in 1H2026 — more than triple the 236 units transacted in 1H2025, and the strongest half since 1H2023 (986 units).

New Home Sales in CCR Half Yearly

This is the part worth sitting with: sales didn't just tick up because more units were available — take-up rates on the new launches were genuinely strong. That tells us underlying demand for well-located luxury product never really went away; it was simply waiting for something worth buying.

Who Sold: River Modern and Newport Residences Led the Pack

Of the new units transacted in the CCR this half, River Modern and Newport Residences together accounted for roughly 82% of all new home sales in the segment.

Best Selling New CCR Launches 1H2026

River Modern led with 424 units moved at a median price of $3,229 psf, followed by Newport Residences at 198 units and $3,070 psf. Smaller but notable contributions came from Aurea, UpperHouse at Orchard Boulevard, River Green and The Robertson Opus — each finding a smaller, more price-sensitive slice of demand.

The Resale Market Held Steady, With a Twist

Private resale volumes in the CCR came in at an estimated 1,219 units for 1H2026 — a modest step down from 1,315 units in 1H2025, though still comfortably above the 1,084 units recorded in 1H2023. Some of that softening is simply buyers rotating toward the new launches on offer. But interestingly, the resale market's higher price tiers actually gained share: transactions of $5 million to under $10 million rose from 11.2% to 12.6% of resale deals, and the $10 million-and-above tier climbed from 1.4% to 2.9%. Resale continues to hold its own appeal for buyers wanting immediate occupation, larger layouts, or homes in established districts with little new supply.

Every Price Segment Grew — Including Ultra-Luxury

Across new and resale transactions combined, every price band expanded year-on-year. The $2 million to under $3 million tier saw the sharpest jump — up 59.1% to an estimated 627 units — reflecting the sweet spot most new launches were priced into. But the top of the market wasn't left behind: deals at $10 million and above rose from 31 to an estimated 40 units, a reminder that appetite for trophy assets hasn't gone anywhere.

Foreign Buyers Are Quietly Coming Back

Singaporeans remain firmly in the driver's seat, making up 77.6% of all non-landed CCR transactions in 1H2026 — essentially unchanged from 77.1% a year earlier. The more interesting movement is at the margins: the foreigner (non-PR) share edged up from 3.3% to 4.0%.

Buyer Profile by Residential Status

Chinese buyers remain the largest non-Singaporean group by a wide margin, with transactions rising from 94 to 104 over the year. But the standout mover was the US buyer segment, which jumped from 29 to 51 transactions — a 75.9% increase, making the US the second-largest overseas buyer group in the CCR this half. That's very likely tied to Singapore's free trade agreement with the US, under which qualifying American nationals are treated the same as Singapore citizens for Additional Buyer's Stamp Duty (ABSD) purposes — a real cost advantage over most other foreign buyer pools, who face the standard higher foreign ABSD rate.

More broadly, ongoing geopolitical uncertainty globally appears to be reinforcing Singapore's long-held reputation as a safe, stable place to park capital in real assets.

What's Coming in 2H2026

The pipeline doesn't slow down from here. Several notable projects are expected to launch in the second half of the year, including the 380-unit Dunearn House (a joint development by Frasers Property, CSC Land Group and Sekisui House), Amberwood at Holland on the former Holland Link GLS site (approximately 230 units), and The Serra Residences, a 133-unit freehold boutique development.

If 1H2026 is any guide, demand should stay resilient — supported by domestic owner-occupiers and investors focused on long-term wealth preservation, alongside continued interest from high-net-worth international buyers drawn to Singapore's stability even at elevated ABSD rates.

My Take

After a few quiet years, the CCR finally has something to talk about again — real supply, real take-up, and a price trajectory that looks sustainable rather than frothy. If you've been sitting on the sidelines waiting for genuine choice in the prime segment, this is probably the most interesting window we've had since 2022.

Whether you're exploring a new launch, considering a resale purchase in an established district, or thinking about the right time to divest, I'm happy to walk through what these trends mean for your specific situation.

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Source: Data and estimates referenced in this article are drawn from "The Luxury Property Segment: 1H2026 Review & Outlook," SRI Research (Singapore Realtors Inc), based on URA Realis data as of 6 July 2026. Figures for 1H2026 are preliminary/flash estimates and subject to revision as full-quarter data is released. This article is for informational purposes only and does not constitute real estate or investment advice.