Why Are Ultra-Rich Buyers Rushing Into Singapore’s Core Central Region?

Singaporean elites or well-heeled expats. A wave of Ultra-High-Net-Worth Individuals (UHNWIs) from across Greater China, the Middle East, Southeast Asia, and even Europe are aggressively acquiring luxury condominiums in the heart of the Lion City.

From the leafy boulevards of Orchard to the elevated enclaves of Tanglin and the heritage-rich districts of Newton and River Valley, CCR homes are selling fast — and at prices that rival global property capitals like London, Hong Kong, and New York. What’s driving this surge? And what does it mean for global capital allocators looking for long-term wealth preservation?

A breathtaking aerial view of Marina Bay Sands in Singapore at sunset, showcasing the iconic architecture with its towering three-pillared structure and connecting sky park, nestled next to the serene Marina Bay waterfront.

📍 The Core Central Region: An Investor’s Map

Singapore’s CCR encompasses Districts 9, 10, and 11, including prized neighborhoods like Orchard Road, Holland, Ardmore, Nassim, and Bukit Timah. These areas are home to the island’s most prestigious addresses, historic estates, embassies, and a curated cluster of ultra-luxury developments.

Properties in this zone are freehold or 999-year leasehold, and offer limited new supply due to strict land use policies and urban conservation regulations.

📈 What’s Driving the Demand?

1. Scarcity of Supply

Unlike many global cities that can sprawl outward, Singapore is land-constrained and centrally planned. Government restrictions on redevelopment, coupled with the protection of green belts and historical zones, have made land in CCR incredibly scarce.

Only a handful of new launches occur each year - often involving en bloc redevelopments of aging estates. According to URA (Urban Redevelopment Authority) data:

• CCR new private home sales dropped by 29.6% in 2023 due to limited launches — not due to lack of demand.

• Yet median prices rose 8.9% YoY, showing that scarcity is reinforcing value.

When a well-designed, branded residence hits the market - like Les Maisons Nassim, Klimt Cairnhill, or Cuscaden Reserve — it often sells out within weeks. In fact, Les Maisons Nassim shattered local records with multiple units transacting above SGD $6,000 per square foot, cementing its place as one of the priciest homes in Asia.

2. Safe Haven Appeal

In a world rocked by war, inflation, and political volatility, Singapore has emerged as a safe haven for global capital - especially for UHNW families looking to preserve generational wealth.

What makes it so attractive?

• Triple-A credit rating across all major agencies

• No capital gains tax or estate tax

• Strong rule of law, private property rights, and low corruption

• A consistently strong Singapore Dollar (SGD) backed by prudent monetary policy

According to Knight Frank’s 2024 Wealth Report, Singapore now ranks among the top 5 cities for ultra-wealth migration, alongside Dubai, Miami, and Zurich.

In 2023 alone, over 1,500 new family offices were registered in Singapore, more than triple the number from just five years prior. These entities are not just administrative bases — they are conduits for real estate investment, philanthropy, and legacy planning.

3. Post-COVID Wealth Migration

The pandemic fundamentally changed how the ultra-wealthy approach domicile and mobility. With increasing scrutiny on Western jurisdictions and growing instability in parts of China and the Middle East, Singapore has become the “base of choice” for globally mobile families.

Many are relocating their primary residence, or at the very least, setting up a home base through permanent residency or the Global Investor Programme (GIP). Property ownership is often the first step — and the CCR is the natural landing zone.

Notably, this isn't a speculative frenzy. It’s long-term capital looking for asset security, education access, and lifestyle infrastructure.

💰 Record Transactions & Global Comparables

Despite cooling measures like the ABSD (Additional Buyer’s Stamp Duty), which imposes a 60% tax on foreign buyers, luxury transactions have not only persisted — they’ve strengthened.

Recent headline deals include:

• Les Maisons Nassim: Units sold for over SGD $6,200 PSF

• Park Nova (District 10): Transacted at SGD $5,000–5,500 PSF

• Cuscaden Reserve (District 10/9): Attracted a mix of family office buyers and asset managers at SGD $4,000+ PSF

  
  

To put this in perspective:

City	Prime Residential Price (PSF)	Source (2024)
Hong Kong	$5,700+	Savills Prime Index
Singapore (CCR)	$4,000–6,200+	URA + Knight Frank
London	$3,500–5,000	Savills
New York	$3,000–4,500	Douglas Elliman
Dubai	$2,000–3,200	CBRE Residential

Singapore now ranks as the third most expensive luxury market in Asia, behind only Hong Kong and Tokyo — yet it remains a top pick for long-term resilience and transparency.

🏗️ What’s Next for the CCR?

Many investors wonder: Will more supply eventually catch up to demand?

The short answer is: not likely.

Singapore’s land use is tightly controlled through the URA Master Plan, which focuses future development on rejuvenating fringe districts, not intensifying the CCR. Additionally, conservation overlays and heritage designations limit high-rise potential in much of District 9 and 10.

Even with demand surging, zoning changes are rare, and government land sales (GLS) in the CCR are few and far between. Developers prefer to land-bank freehold assets via en bloc acquisitions, but those deals are complex and time-consuming.

And while recent cooling measures (including tighter loan-to-value ratios and ABSD hikes) have softened speculation in the mass-market segment, luxury buyers are less price-sensitive and more driven by asset quality and global positioning.

💡 Investor Takeaway

If you’re tracking global capital flows, Singapore’s Core Central Region offers more than just shiny condos — it’s a geopolitical hedge, a capital preservation vehicle, and a lifestyle statement rolled into one.

For UHNWIs, the value lies in:

• Asset scarcity in a land-constrained, rule-based jurisdiction

• Wealth protection amid global volatility

• Prestige and utility — many CCR homes are walking distance from international schools, embassies, and luxury retail

• Intergenerational transferability through freehold tenure

In a world where luxury often feels speculative, Singapore’s CCR offers something different: stability, credibility, and access.

🧠 Final Thought

The next time a luxury unit in Nassim or Orchard hits the market, don’t be surprised if it's off the books in days — not because of hype, but because the global elite know exactly what they’re buying:

Not just square footage. Not just skyline views. But a financial fortress in a volatile world.