Singapore’s Luxury Property Market Continues to Thrive
City Developments Ltd. (CDL), under the leadership of billionaire Kwek Leng Beng and his family, has achieved remarkable success with their latest upscale residential project. Over a single weekend, CDL sold an impressive 84% of units in the Zyon Grand twin towers, a luxurious skyscraper development located near Singapore’s central business district. The company managed to sell 590 out of the 706 available units, commanding an average price of S$3,050 (approximately US$2,351) per square foot. This strong performance provides compelling evidence that Singapore’s property boom remains robust despite global economic uncertainties. The project is being developed as a joint venture between CDL and Japan’s Mitsui Fudosan, strategically positioned along Zion Road in close proximity to the popular Orchard Road shopping district.
Sherman Kwek, Group CEO of City Developments, expressed his satisfaction with the market response, stating that “the positive take-up reflects the market’s confidence in this landmark integrated development and the genuine demand for distinctive homes in a sought-after neighbourhood.” Zyon Grand represents more than just residential space—it’s part of a comprehensive integrated development designed to offer residents a complete lifestyle experience. The complex features various amenities including restaurants, a supermarket, and an early childhood care center. Additionally, it includes a 36-story tower that will house Singapore’s first long-stay serviced apartment complex, setting a new standard for luxury living in the city-state.
The impressive sales figures at Zyon Grand aren’t an isolated phenomenon in Singapore’s real estate market. Other premium residential condominium projects have also experienced extraordinary demand in recent weeks. Billionaire Quek Leng Chan’s GuocoLand recently celebrated selling 86% of units at its Faber Residence development, located in Clementi in western Singapore. Similarly, UOL Group—controlled by the family of late banking tycoon Wee Cho Yaw—and their partner CapitaLand Development have nearly sold out all 666 units at Skye at Holland, an upscale condominium project situated in the expatriate-favored enclave of Holland Village. These concurrent successes paint a picture of a vibrant luxury property market across different areas of Singapore.
The continued strength in Singapore’s property sector is further evidenced by official data showing that home prices have risen for the fourth consecutive quarter. According to figures released by the Urban Redevelopment Authority, private residential property prices increased by 0.9% in the third quarter of 2024 compared to the previous three-month period. This sustained growth can be attributed to several key factors that have created favorable conditions for the property market. Declining domestic lending rates have improved affordability for local buyers, while Singapore’s reputation for stability and high quality of life continues to attract wealthy international residents looking for safe investment opportunities and premium living spaces in an increasingly uncertain global environment.
Leonard Tay, the Singapore-based research head of British property consultancy Knight Frank, offers valuable insight into the demographic drivers behind this property boom. “New citizens and permanent residents who favor high-rise living have been acquiring homes in a stable Singapore, against the backdrop of a destabilising global environment,” Tay explained. His observation is supported by significant immigration statistics, with Singapore welcoming 22,766 new citizens and 35,264 new permanent residents in 2024 alone. This influx of new residents—many of whom are affluent professionals and investors seeking political and economic stability—has created substantial demand for high-end residential properties, particularly in well-connected central locations like those offered by developments such as Zyon Grand.
The continued success of luxury developments like Zyon Grand reflects Singapore’s unique position in the global property landscape. The city-state has managed to maintain its appeal to both domestic and international buyers despite implementing various cooling measures over the years to prevent market overheating. Property developers have responded to the sustained demand by creating increasingly sophisticated integrated developments that offer not just homes but comprehensive lifestyle experiences. As global uncertainty persists in various forms—from political tensions to economic challenges—Singapore’s reputation as a safe haven for wealth and its high standard of living continue to attract investment in its residential property market. The question that remains is whether this momentum can be sustained in the face of global economic headwinds, or if the market will eventually require further government intervention to maintain stability.
