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Singapore Developers Gear Up To Launch Prime Residential Projects Amid Brisk Demand
Developers from City Developments to UOL Group are preparing to launch new luxury residential projects in the coming months amid resilient demand in the city-state despite the property curbs introduced by the government to rein in prices.
Sales picked up in July, with developers selling 940 residential units (excluding government-subsidized executive condominiums), up 63% from a year ago, data released by the Urban Redevelopment Authority on Friday showed.
While higher taxes continue to deter foreign buyers, Leonard Tay, research head at property consultancy Knight Frank, said he expects demand from Singapore citizens and permanent residents to remain strong. 'New citizens and permanent residents that favor high-rise living will be scouting for opportunities, setting down roots in a stable Singapore against the backdrop of a destabilising global environment,' Tay said by email, noting that Singapore welcomed 23,472 new citizens and 34,491 new permanent residents in 2023.
Singapore has also seen an influx of wealthy families in recent years, attracted to the city-state's political stability and business friendly environment. Last year, the number of single family offices in the city-state increased 43% to more than 2,000.
After seeing strong demand for prime properties in the central business district, billionaire Kwek Leng Beng's City Developments said it will start marketing the Zyon Grand, a 706-unit twin 62-story residential skyscraper, under construction near the Orchard Road shopping precinct, in the fourth quarter. Part of the mixed-used complex is a 36-story tower with 350 long-stay serviced apartments, retail shops, restaurants and a childcare center on the ground floor.
'The stellar sales performance of several newly launched projects, especially those in prime locations, is expected to boost overall buying sentiment.' Zyon Grand is located near the 524-unit River Green being built by Wing Tai Holdings, which sold 88% of the project during the weekend launch earlier this month. Billionaire Robert Kuok's Allgreen Properties is also developing a condominium in the area, the 596-unit Promenade Peak, which recorded a 54% takeup rate.
'The stellar sales performance of several newly launched projects, especially those in prime locations, is expected to boost overall buying sentiment,' Christine Sun, chief researcher and strategist at property consultancy Realion Group, said by email. 'The increased marketing activity and buying confidence of affluent investors will create a positive ripple effect in the broader market, motivating hesitant buyers or those waiting in the sidelines to invest.'
UOL Group—controlled by the family of the late banking and real estate tycoon Wee Cho Yaw—and partner CapitaLand Development plans to start marketing Skye at Holland, a 666-unit residential condominium across two 40-story towers in the upscale Holland Village enclave, this quarter. The company has sold 64% of its 301-unit UpperHouse development on Orchard Boulevard since the July launch.
Billionaire Quek Leng Chan's Guocoland is preparing to launch three new projects in the coming months through mid-2026. The Springleaf Residence, a 941-unit development across five towers on Upper Thomson Road in northern Singapore, will be launched this quarter, followed by a project on Faber Walk in the western part of the city-state by the end of the year, according to Guocoland.
Guocoland is also developing a 455-unit waterfront condominium on River Valley Road, near the Orchard Road shopping precinct. The project is slated to be launched in the first half of 2026. Projects along the Singapore River have been popular, with Frasers Property—which is controlled by Thai billionaire Charoen Sirivadhanabhakdi and his family—selling 41% of the 348-unit Robertson Opus in July.
