Fifty-five new luxury homes were transacted in Q1, marking a new high since Q4 2023 when 74 such units were sold. The total transaction value for these homes also rose to S$400 million, up from S$330 million in the previous quarter. The bulk of Q1’s luxury new sales were from the launch of River Modern, where 38 such units priced at S$5 million and above were sold. This was followed by transactions for units in Skye at Holland, Upperhouse at Orchard Boulevard, and Watten House, with three each.

New homes sold in Q1 also included units in 32 Gilstead, Park Nova, Newport Residences, 21 Anderson and The Giverny Residences, as well as two landed properties. Most of the month’s CCR sales — 88 per cent or 416 units — were from River Modern at a median price of S$3,220 per square foot, making it the bestselling non-landed CCR project to date, said Huttons Asia’s chief executive Mark Yip.

While new sales rose, resale transactions dipped slightly to 133 units in Q1, from 139 units in the previous quarter. The total transaction value for resale deals also fell to S$1.3 billion, from S$1.43 billion. The Draycott and Leedon Residence had the most transactions, with six units sold each. Paterson Suites, Nassim Jade and Goodwood Residence sold four units each. Boulevard 88 and Regency Park each had three units transacted.

The highest psf price transacted in Q1 was for a resale condo unit on the 19th floor of The Marq on Paterson Hill, which sold for S$5,937 psf or S$37 million. This was followed by a 270 square metre unit at Park Nova that transacted at S$5,161 psf or S$15 million in February.

In the luxury market, 51 new luxury homes changed hands for at least S$5 million each. The priciest transactions involved two units of over 4,200 sq ft in the freehold 32 Gilstead in District 11. Ms Wong Shanting, real estate adviser Newmark’s director and head of research, said the two were sold at S$14.5 million each to foreign buyers. Two 2,056 sq ft units in the 99-year leasehold Upperhouse in Orchard Boulevard transacted at S$7.9 million and S$7.8 million, also to foreign buyers.

Good Class Bungalow sales fell to just four deals in Q1, down from nine transactions in the previous quarter. The priciest was in Gallop Road or Woollerton Park GCB Area, which sold for S$31.5 million. Another, at Brizay Park, transacted at S$26.6 million; one in Victoria Park changed hands at S$22 million; and another in Chestnut Avenue sold for S$11.5 million.

The recent quarter’s sales also reflected a broader, more robust demand for luxury homes in Singapore, despite spillover effects from the ongoing Middle East crisis, the real estate company added. Many buyers were probably not deterred by macroeconomic uncertainties as they view luxury homes as long-term secure assets, which reinforces Singapore’s reputation as a safe haven for wealth preservation during turbulent times.

Ms Wong noted that foreigners still account for a fraction of new home purchases, with just eight such transactions in March. Meanwhile, 43.5 per cent of new home transactions were priced between S$2.5 million and S$5 million. Mr Yip of Huttons said that this includes more than 45 per cent of River Modern units, and about a third of units sold at Pinery Residences. The remaining units at Pinery Residences transacted at under S$2.5 million.

Altogether, 697 CCR homes were sold in the first quarter of 2026 — more than three times the 192 units in the year-ago period. It was the strongest first-quarter performance for the CCR since 2010, when 1,927 units were sold, said SRI’s Mohan Sandrasegeran.