A new benchmark has been set in Singapore’s luxury property landscape. A 3-bedroom Aman branded residence at The Skywaters has changed hands for $11.7 million or $6,501 per square foot (psf). This transaction now stands as the highest recorded price per square foot for a 99-year leasehold home in Singapore. It comes at a time when questions persist around the durability of demand at the very top of the market, and whether higher stamp duties and global uncertainties would slow the momentum seen in the past two years.
Instead, this sale underscores a different story. The very pinnacle of Singapore’s non-landed residential segment remains supported by long term global wealth tailwinds, a limited pipeline of ultra prime stock, and a rising class of buyers who treat homes not only as assets but as secure stores of value and lifestyle statements. Yet, it is important to view this milestone in context. It is a signal from a rarefied slice of the market, not a universal indicator for all properties.
This commentary examines what this sale means, the unique role of branded residences, and the broader implications for Singapore’s luxury residential landscape.
The Skywaters: A New Chapter for the CBD Skyline
Situated along Shenton Way, The Skywaters will become the tallest building in Singapore when completed. Developed by a consortium led by Perennial Holdings and supported by partners including Alibaba Singapore, Chip Eng Seng, Sing Haiyi Emerald, Piermont Holdings, and HPRY Holdings, the mixed use tower represents a new era of placemaking for the Central Business District (CBD).
Beyond its commercial floors, retail podium, and direct connectivity to Tanjong Pagar MRT station on the East-West Line (EWL), the development will bring a rare layer of hospitality driven residential living into the city centre. Singapore has seen transformative integrated towers before, but The Skywaters is positioned in a class of its own given its height, design ambition, and hospitality partner.
The market has not seen a super tall project of this scale since the earlier waves of CBD redevelopment. In that sense, this sale is not simply a pricing milestone. It reflects renewed interest in the next phase of the Downtown and Shenton Way transformation.
Aman’s Entry into Singapore: Curated Exclusivity, Limited Supply
The success of this transaction is not solely tied to location or architecture. It is anchored by the reputation of Aman, one of the most exclusive hospitality brands in the world. Known for its emphasis on privacy, service, wellness and design restraint, Aman commands a global following among ultra high net worth (UHNWI) individuals. Its properties are often small in number, discreet, and difficult to replicate.
Aman will operate its hotel on the lower floors of the residential section, while its branded residences occupy the upper levels. Only 44 units of branded residences are planned. The combination of extreme scarcity, brand equity, and a location at the apex of Singapore’s tallest tower forms the value proposition.
Globally, Aman residences have set record pricing in locations such as New York, Tokyo, and Bangkok. Their Singapore debut continues this pattern. For buyers already familiar with the Aman experience, the value lies in service consistency, privacy standards, and long term brand capital. These buyers do not simply acquire a home. They join a curated global network of residences with a shared design and lifestyle ethos.
The Record Sale Explained
The unit transacted is a 1,798 square foot (sqft) 3-bedroom home on the 30th floor. Based on caveat data, it was purchased by a Singapore permanent resident, with market sources indicating the buyer is likely of Chinese nationality. The price surpasses the previous 99-year leasehold record of $6,100 psf for a Skywaters penthouse.
The sale now sits just below the all time Singapore psf record of $6,650 psf set by The Marq at Paterson Hill in 2011, a freehold super luxury tower. If anything, it emphasises the resilience of pricing at the very top when scarcity meets brand strength.
Market Backdrop: A Tight Niche but Strong Liquidity at the Top
This sale is not an isolated incident. Data from the 3rd quarter of 2025 shows that transactions for large prime homes above $5 million rose more than 30% quarter on quarter (qoq). Approximately $740 million in sales changed hands for this segment in the quarter.
Across the first nine months of 2025, 214 luxury non-landed homes worth $1.9 billion were sold. The pool of active buyers includes Singapore permanent residents and citizens, alongside selected foreign purchasers. Notably, there have been multiple transactions above $10 million in developments such as Twenty One Anderson and The Marq on Paterson Hill, reflecting continued appetite for landmark addresses.
Even the rental segment for luxury homes remains active, with around 725 units leased in the 3rd quarter and rents growing by approximately 21.6% from the previous quarter. That marks more than 10% rental growth across the first three quarters of the year.
Despite higher stamp duties imposed in 2023, the ultra prime market continues to attract wealth. Asset diversification, geopolitical uncertainty, and the strength of the Singapore dollar remain key drivers. Singapore continues to benefit from its status as a stable, well governed wealth hub with limited land supply and consistent rule of law.
Caveat Perspectives: Not Every High Price Equates to a Broad Trend
It is important to read this event with balance.
First, the ultra luxury branded residence segment is very niche. It operates on global lifestyle principles that do not necessarily reflect wider buyer behaviour. A home at this level is usually a lifestyle purchase or wealth preservation move, not a leveraged investment decision.
Second, while branded residences can command premiums, they depend heavily on the brand’s long term service delivery and reputation. Buyers must evaluate service standards, residential management governance, and the brand’s ability to maintain exclusivity across its portfolio.
Third, leasehold tenure at this price band warrants thought. While 99-year leasehold luxury properties in prime locations have historically performed well when supply is scarce and the development remains iconic, the long-term value proposition differs from freehold ones. Holding period, timeline to exit, and target buyer pool at the resale stage matter.
Fourth, liquidity in the ultra prime tier is significantly narrower than for Core Central Region (CCR) condominiums priced in the range of $2,000 to $3,000 psf. Buyers in this segment should avoid extrapolating price behaviour into other tiers, and similarly, sellers in the broader market should not assume this signals widespread price acceleration.
Finally, execution risk remains until completion. Delivering a super tall mixed-use tower with hospitality commitments, branded residences, and Grade A office space requires consistent project execution. Branded residences thrive when the hotel component excels over time.
A Market for the Few, Not the Many
The profile best suited for branded residences remains to be UHNWI who value privacy, service, architectural quality, and/or legacy value. The decision is typically weighted by lifestyle preferences and family planning rather than short term yields.
For buyers who prioritise capital preservation and liquidity, freehold super prime properties with proven track records remain compelling alternatives. Meanwhile, for investors who seek rental demand or shorter holding horizons, the ultra prime tier may not always align with their objectives.
The key is to match product type to strategic intent. The Skywaters represents the pinnacle of a specific segment, not the benchmark for other asset classes.
Outlook: Selective Strength Will Continue
Seasonal moderation may temper immediate sales volume as the market enters the year end period. However, the structural pillars underpinning Singapore’s luxury segment remain firm. The supply of new branded residences is limited. Shenton Way’s rejuvenation will take shape over the next decade. Global capital continues to favour stable, compact, growth oriented cities.
As the property cycle evolves, the premium residence segment will continue to see selective but strong performance, particularly when paired with meaningful brand value and scarcity. The Skywaters sale reflects this convergence.
Ultimately, this record transaction is not about exuberance. It is a quiet reaffirmation of confidence. Singapore’s upper tier residential market continues to attract discerning global capital that values stability, governance, and long term stewardship of wealth. When quality aligns with scarcity and brand equity, price ceilings can shift.
The takeaway is not to chase headline numbers. Rather, it is to recognise the signals behind them. In this instance, the signal is clear: confidence in Singapore’s long term value proposition remains intact at the very top of the market, even as buyers across other segments navigate affordability and selection discipline.
This sale is significant, yet it reminds us to remain measured. In Singapore, real estate rewards patience, discernment and clarity of purpose. That principle applies whether one is acquiring a transformative branded residence at the summit of the skyline or assessing liveable homes for long term family needs elsewhere on the island.
Considering a move in the prime residential space? Our consultants are here to provide clarity and informed perspectives.
