Singapore Luxury Homes: Hub for the Rich & Famous Elite

As the most stable Asia-Pacific regional center in terms of economy, politics, and the property market, Singapore is home to one of the world’s highest concentrations of affluence. The demand for private residences in Singapore far outstrips supply, with price growth in the second quarter of 2022 soaring to 6.7% from 4.2% in the previous quarter, marking the largest increase since the fourth quarter of 2007.

Beyond expensive properties, the standard for premium residential areas must include scarce locations, high-end architectural design, quality construction and materials, and luxurious interior design. But is it enough to define a “premium residential area” merely by a cluster of luxury homes? No, no, no. Beyond the grandeur built with money, it also depends on who is buying into it. The wealthy move in circles. Whether it’s detached bungalows or high-end condominiums, luxury residential areas are inhabited by high-quality individuals, millionaires, senior executives, elites, or celebrities. In Singapore, upscale residential areas that host these affluent circles include traditional wealthy districts like Orchard, Bukit Timah, Marine Parade, and the Holland Village area, as well as emerging upscale districts favored by the new tech-rich and professionals, such as Bugis and Tanjong Pagar.

Next, we will take you on a tour of the homes of these wealthy individuals.

Tanjong Pagar — Wallich Residence, One Bernam

Tanjong Pagar is currently one of the hottest locations in Singapore, home to a large concentration of financial institution headquarters, as well as trendy fashion and entertainment venues. In short, it’s a gathering place for the elite. Additionally, according to the URA Master Plan 2019, while preserving the historical character of the old district, Tanjong Pagar will also incorporate more modern elements to become a 24/7 “work, live, play” upscale residential area. With government planning support and a rich historical and cultural foundation, the future of Tanjong Pagar is bright.

• Wallich Residence

Single-handedly elevating the image of the entire district. When luxury properties are mentioned, Wallich Residence, located in the bustling financial center of Tanjong Pagar, is undoubtedly at the top of the list. Standing at the pinnacle of the city, the 290-meter-tall Guoco Tower, where Wallich Residence is located, is Singapore’s tallest landmark building.

Just looking at the price, Wallich Residence is in a league of its own. According to a 2014 report by wealth research firm Wealth-X, the penthouse at Wallich Residence was one of the world’s top ten most luxurious apartment units. British billionaire James Dyson once famously spent S$73.8 million on the luxurious penthouse here. Dyson’s other residence in Singapore is a Good Class Bungalow near the Botanic Gardens, purchased for S$45 million, complete with an infinity pool and an indoor waterfall.

• One Bernam

If the Good Class Bungalows of the ultra-rich seem too out of reach, there’s an entry-level option for high-end condominiums in the Central Business District—One Bernam. The 35-story One Bernam features 351 residential units and is a high-end integrated development combining residential apartments, serviced apartments, and a shopping mall. It’s a 5-minute walk to Tanjong Pagar MRT station, and directly opposite the 100AM shopping mall. The windows offer unique and expansive views of the city’s waterfront, and the project’s overall design concept is fresh and distinctive. The entire building is elevated by 40 meters, meaning the lowest 5th floor is equivalent to the height of a 17th floor, allowing upper-level residents to enjoy a panoramic view of the bustling CBD.

Bugis – Midtown Bay, Midtown Modern

Like Tanjong Pagar, Bugis is an emerging premium residential area, benefiting from the government’s 2019 plan for the new extension of the Central Business District, which “will encourage economic growth and bring jobs and facilities closer to residents in key growth areas.”

• Midtown Bay

Midtown Bay is an exceptionally rare project in the market, situated in a prime, land-scarce commercial district, and is a key landmark in Bugis’s future redevelopment area. The project is directly opposite Suntec Singapore Convention & Exhibition Centre and is adjacent to three major office hubs with the highest concentration of premium offices and multinational corporations in Singapore: City Hall, Marina Centre, and Bugis.

Midtown Bay is part of Guoco Midtown, a high-end integrated development with a total gross floor area of 88,313 square meters. Adhering to the brand-new concept of “New Way of Life, New Way of Work,” it aims to redefine residential needs and desires for decades to come, embodying our boundless imagination for the “city of the future.”

Midtown Modern

The sister project of Midtown Bay, Midtown Modern is a garden condominium in Singapore’s city center developed by GuocoLand. It is directly connected to Bugis MRT, making it a true “development built above the MRT station,” with an exceptional location. This is the residential component of Guoco Midtown II, and the entire project will be linked to Guoco Midtown on Beach Road, forming a massive development with a total gross floor area of up to 1.5 million square feet.

The project is within walking distance of major shopping malls and office buildings (DUO, South Beach, Suntec City, Raffles City, Marina Square), so its tenants are primarily executives and professionals from multinational corporations.

Over 20 themed gardens transform the buildings into a vast urban garden. Eighty percent of the project area is dedicated to landscaping and water features, with only 20% used for residential construction. This truly embodies the concept of a low-density luxury residence. It’s a place for busy urbanites to slow down and recharge. In the post-pandemic era, with more people adopting remote work, more green spaces and recreational areas are a natural trend in housing development.

Orchard Road — Klimt Cairnhill, Park Nova, Boulevard 88, Cairnhill 16

When it comes to the most eye-catching area in Singapore right now, Orchard Road is second to none. A shopping paradise, a bustling hub, and a symbol of luxurious living, it’s destined to have many high-rise buildings and high density. In such a prime location, land is extremely limited, so it’s not cost-effective or private to build villas. Instead, developers build high-rises, where each square foot can sell for over S$3,000, which is more profitable than villas. The more upscale the property, the closer it is to Orchard Road. Chinese, Indonesian, and Malaysian buyers are very fond of the Orchard Road vicinity. Many young, wealthy Singaporeans also prefer it, while older buyers might think that for the price of a condo, they could add a bit more for a landed property.

• Klimt Cairnhill

Speaking of styles favored by young, wealthy individuals, Klimt Cairnhill is a premier freehold luxury private condominium. Named after the symbolist painter Gustav Klimt, the project exudes a shimmering, romantic atmosphere.

A golden tower in a prime location, it echoes the neighboring The Ritz-Carlton Residences, forming the “twin towers” of the Cairnhill district. On the rooftop terrace, surrounded by lush greenery and water features, overlooking the panoramic city view, isn’t this exactly the scene of a lavish party from a TV drama?

• Park Nova

Just like its name, the ultra-luxury project Park Nova has garnered celebrity attention for its special exclusivity, shining like a supernova. It once caused a sensation in the industry by selling a penthouse unit for over S$75 million, with a record price per square foot of S$6,210.

To some extent, such a property transcends its residential function to become a statement asset. Standing out from numerous projects and winning awards like the “Excellence in Design Award” and “Best Luxury Residential Project,” what could be more eye-catching and prestigious than such a design?

The project’s exterior design is inspired by the wings of a butterfly. The irregular parts of the building present unique visual effects when viewed from different angles. The 270-degree curved balcony brings residents closer to nature, offering magnificent and expansive views of the Singapore cityscape.

• Boulevard 88

The penthouses at Boulevard 88 occupied four spots on the 2019 list of the top ten most expensive condominiums, a clear testament to the project’s appeal among the wealthy.

Located in the bustling commercial district of Orchard Road, Boulevard 88 consists of two twin towers situated above The Singapore EDITION Hotel. Most notably, the architect of Boulevard 88 is Moshe Safdie, the designer of Marina Bay Sands.

Boulevard 88 creates a stunning visual and auditory experience with its Sky Boulevard, which spans the top of both residential towers. The observation deck offers spectacular panoramic views of the Singapore skyline.

• Cairnhill 16

Cairnhill 16 is a luxury high-end development located on Cairnhill Rise, just off Orchard Road. With an MRT station and major shopping malls right at its doorstep, along with top-tier medical and educational resources, it offers tranquility amidst the hustle and bustle, attentive service, and all the features a luxury residence should have.

Furthermore, what cannot be overlooked is that the project is designed to align with the new lifestyle trend championed by the elite—environmental friendliness and energy responsibility. Over 40% of the entire condominium is dedicated to green spaces, equipped with various energy-saving lights, air conditioners, and appliances, and it also features a recycling chute. Cairnhill 16 is committed to a natural integration with its surroundings, and its green initiatives have earned it the Green Mark Gold Award from the Building and Construction Authority of Singapore.

Today, discerning individuals champion environmental protection, viewing it as a mark of their social responsibility. The project’s dedication to such environmental practices in its details serves as a lifestyle statement and a tangible action for its residents.

River Valley — The Avenir, Hill House

River Valley, an affluent residential area along the Singapore River, is characterized by its towering residential buildings and luxury condominiums, with a large expatriate population. The most talked-about aspect is the legend that River Valley is a place of excellent feng shui.

Located south of Orchard Boulevard and north of the Singapore River, with higher ground in the north and lower in the south, River Valley overlooks the Singapore River, which resembles a carp. To the west is Great World City, and to the east is Fort Canning Hill, known as the “Royal Hill”—a name that exudes auspiciousness. This “back to the mountain, facing the water” configuration is considered optimal in feng shui, as flowing water brings wealth, which is why many wealthy individuals believe the area has good feng shui.

• The Avenir

The Avenir, jointly developed by GuocoLand and Hong Leong Investment Holdings, represents a top-tier developer combination. It is a collaborative creation of two renowned architectural firms, ADDP and StudioMilo. Featuring two 36-story towers, located in the prime District 9 of the city center, with the highly coveted freehold tenure. It has a total site area of approximately 12,044 sqm and a plot ratio of 2.8. Commercial districts, MRT stations, prestigious local schools, and international schools are all readily available. These strong foundational elements give it a head start, making it a naturally privileged “socialite” among luxury residences and a truly unique selection.

From appliances to sanitary ware, everything is from top-tier luxury brands, with marble-clad bathrooms, smart home systems, concierge services, top-quality craftsmanship and design, a modern aesthetic concept, and an ultimate living experience. Is there anything left to be desired? With a high rental yield and significant appreciation potential, this condominium has been rated as one of the most worthwhile luxury properties to purchase in 2022.

• Hill House

Located in the same prime area as The Avenir, Hill House is a smaller-scale development. It has a site area of approximately 1,328.5 square meters, a plot ratio of 2.8, and a 999-year leasehold tenure.

The project is themed around “nature and well-being” and will be a 10-story building with a total of 72 residential units. It sold 12 units during its launch weekend at an average price of S$2,980 per square foot. The buyers were mainly young families, upgraders, and parents purchasing homes for their children. The project’s most attractive feature is its starting price (three-bedroom units from S$2,785 per square foot). Because it targets young, small families, Hill House is currently one of the most attractive projects in District 9 compared to other nearby options.

Newton — Pullman Residences, Kopar at Newton

Newton is another planning area that has gained prominence with the support of the URA Master Plan. This area primarily refers to the upscale residential district near the Orchard Road shopping belt. According to the Master Plan, this area is bordered by Balmoral Road and Bukit Timah Road and includes the extensive grounds of the Istana and its offices. Newton’s central location is close to the Civic & Cultural District and the Central Business District. Its prime location in the Core Central Region, adjacent to the city center, makes Newton a highly popular residential area characterized by numerous luxury developments.

Among the new developments in Newton, Pullman Residences and Kopar at Newton are the only two large-scale new projects with over 200 units.

• Pullman Residences

Pullman is a high-end hotel brand under the Accor Group, with most of its projects located in bustling city centers. This hotel-style luxury residential project, developed in partnership with Accor, brings the luxurious hardware and world-class hotel services of Pullman hotels into the home. Residents also receive a platinum membership card from Accor’s parent company.

Pullman Residences made a brilliant debut in the industry upon its launch, greatly satisfying both living and leisure needs in terms of artistry and practicality. As a standard for high-end luxury residences, such services are also very attractive to investors, as tenants with high budgets often value these services highly. Therefore, it is easier to achieve higher rental returns when leasing out the property.

• Kopar at Newton

Kopar at Newton is located in a prime area in the heart of Newton in District 9, close to Newton MRT interchange station, Newton Food Centre, and medical and school resources. It is opposite Gloucester Mansions and Newton Life Church. Flagship luxury brand stores, international hotels, medical centers, cafes, and restaurants are all within walking distance.

The land for this project was acquired in 2018 through the Government Land Sales (GLS) programme, so it has a 99-year leasehold tenure. It covers an area of approximately 32,601 square meters and includes two 23-story buildings, offering a comprehensive range of unit types from 1- to 5-bedroom apartments.

The highlight of Kopar at Newton is its architectural design, a masterpiece by the renowned architectural firm ADDP Architects. With 70% green coverage, it creates a high-quality living environment. The penthouse units with 3- to 5-bedrooms feature 3.3-meter high ceilings in the bedrooms and up to 5.4-meter high ceilings in the living and dining rooms. The efficient and practical layouts, floor-to-ceiling windows, and high ceilings make the space feel spacious and luxurious.

Novena — Peak Residence, Enchanté

Novena is a well-established medical district, home to renowned hospitals and medical institutions. The most anticipated urban transformation project in this area is HealthCity Novena, which is set to become an integrated community for medical research and services. Most of the commercial activities in this area are concentrated in several established shopping malls and office buildings, making it a hub for multinational corporate elites and professionals.

According to the HealthCity Master Plan, by its final completion and full operation in 2030, the medical facilities, research institutions, and educational buildings are expected to accommodate over 30,000 people daily. However, the current number of available residential units in this area does not match the future demand. It is anticipated that the residential market in this region will see explosive growth within this decade.

• Peak Residence

Peak Residence is located in the Thomson area of District 11, a district that has always been highly favored by both local and international buyers due to its convenient location, proximity to the central area, prestigious schools, parks, and reservoirs. The residences in Thomson are predominantly private properties, especially low-rise homes, with only a small number of HDB flats and shophouses.

Peak Residence is a luxury development that Thomson Road has awaited for a decade. Although it is a smaller project, it is a rare freehold property and consists of three 5-story low-density, low-rise apartment buildings. Located about 600 meters from Novena MRT Station, Peak Residence boasts impeccable transport connectivity. The site of Peak Residence is on higher ground and faces landed properties, thus offering expansive, unobstructed views.

• Enchanté

Enchanté is located on Evelyn Road, near two MRT stations—Newton MRT interchange and Novena MRT. This project is also small in scale, with a site area of 917.2 square meters, and will consist of a single 16-story building with 25 units. Though small, it is fully equipped with a swimming pool, gym, BBQ pits, surface parking, and a sky terrace—every facility is impeccable.

From the initial design phase, the developer considered the future trend of “working from home.” Both the condominium facilities and unit layouts are designed to meet the needs of residents working from home, ensuring comfort and spatial flexibility. Such a boutique condominium will be very popular among young families and investors.

Bukit Timah — Perfect Ten

Bukit Timah is a hill located near the center of Singapore’s main island and is the highest point in the country. As a long-established premium residential area, Bukit Timah needs no further introduction; its residents are distinguished, with an elevated status. Compared to other parts of Singapore, the Bukit Timah area offers more access to nature and a rich diversity of flora. Due to its exceptional popularity among the wealthy, this district has a considerable number of villas (detached or semi-detached), Good Class Bungalows, and towering private condominiums.

• Perfect Ten

Perfect Ten is one of the tallest private residential projects on Bukit Timah Road. Located at a major transportation hub, flanked by Stevens MRT station on the left and Newton MRT station on the right, it enjoys a wealth of nearby amenities. The area is leafy and green, and all units have unobstructed views, offering a panoramic sweep of the surrounding landscape.

The exterior design of Perfect Ten is luxurious and stately. It is a magnificent 24-story twin-tower development, with the two high-rises connected at an obtuse angle. The slightly inward-curving angle resembles an open gate of wealth, attracting fortune and good luck, which perfectly aligns with the project’s positioning and buyers’ aesthetic preferences. The facade features elegant, flowing lines with champagne-gold glass balconies, creating a sense of fluidity under the sunlight, as if draped in a golden cloak. This opulent design makes it a landmark project in the Bukit Timah area.

East Coast — LIV＠MB, Amber Park, Meyer Mansion

District 15 in Singapore, encompassing East Coast and Marine Parade, has become a highly sought-after premium residential area for both foreigners and Singaporeans due to its proximity to the East Coast.

If one had to choose just one spot in Singapore for outdoor activities and weekend relaxation, it would undoubtedly be East Coast Park. Sunbathing on the beach, jogging by the sea, cycling, windsurfing, having a barbecue—enjoying the unparalleled sea views and holiday leisure makes this a top choice for both traditional elites and the new urban rich. District 15 boasts many freehold properties, with areas like Meyer Road and Amber Road being well-known for their concentration of freehold land.

• LIV＠MB

LIV＠MB is located on the former site of Katong Park Towers, one of Singapore’s long-established affluent areas. When Katong Park MRT station opens in 2024, it will be just a three-minute walk from LIV＠MB. The seaside area of Mountbatten still retains its historically significant old buildings, allowing LIV＠MB to enjoy not only the relaxing and pleasant atmosphere endowed by nature but also a rich historical and cultural ambiance.

LIV＠MB is developed by Bukit Sembawang, one of Singapore’s earliest property developers. The company was also honored as one of the “Top 10 Developers in Singapore” in 2017, making it a highly reputable brand.

The project consists of one 20-story and three 19-story high-rise buildings. Each residential block is north-south facing, with well-lit kitchens and bathrooms. Furthermore, there are no tall buildings obstructing the view to the north. From the balconies, a stunning city landscape unfolds, with the myriad lights of the city spread out below.

• Amber Park

Amber Park enjoys a superior location, approximately 300 meters from Tanjong Katong MRT Station, which is scheduled to open in 2023.

As a livable, all-encompassing community, this is a relatively large-scale development. It consists of three 21-story towers with a total of 592 units. The most anticipated feature is the 600-meter-long rooftop park, which connects the three towers into a single entity, transforming the rooftop into a community hub. Enjoying the sea breeze and ocean views from the rooftop garden, the sky view is absolutely breathtaking.

• Meyer Mansion

The biggest highlight of Meyer Mansion is its proximity to the sea. The project features an expressway and a direct underpass, providing a 2-minute walk to the serene and beautiful East Coast Park.

Combining sea views, Marina Bay Sands views, forest views, and landed property views, with 80% of the area covered by greenery and facilities, and over a hundred species of plants creating an urban garden. Living here, you can take a stroll by the sea with your loved one every day, enjoy wonderful moments under the swaying coconut trees in the park, and have picnics with friends and family on weekends. What is life? This is life.

Four Key Characteristics of Singapore’s Premium Residential Areas

Based on the areas and properties discussed above, we can summarize four key characteristics of Singapore’s premium residential areas.

1. Prime Locations, Scarce Resources

Whether it’s the Core Central Region of Orchard Road or the natural resources of the East Coast, prime locations created by nature are very limited. In land-scarce Singapore, both cultural resources (such as economic, political, and cultural centers; top local and international schools; medical resources; and commercial districts) and natural resources (like the Singapore Botanic Gardens and the sea views of the East Coast) are extremely scarce and difficult to replicate. These are the top choices for both the traditional elite and the new urban rich. These superior locations act like a magnet, continuously attracting wealth and elites, forming affluent circles and luxury residential areas.

2. Renowned Developers, Luxury Fittings

A developer’s background and reputation are decisive for a project’s quality. This is especially true for condominiums in Singapore, which come fully equipped with indoor facilities, basically ready for move-in upon delivery. This means that every cent you spend on the property determines the quality of your daily life after moving in. From large items like wall tiles, flooring, and cabinets to smaller ones like refrigerators, coffee machines, and dishwashers, and down to sinks, walk-in closets, and bathtubs, renowned luxury brands are standard in high-end homes.

Developers of luxury properties are typically City Developments Limited (CDL), GuocoLand, Kheng Leong, Keppel Land, and others. New developers who cannot demonstrate substantial strength and unique features find it difficult to win over discerning buyers.

3. Comprehensive Amenities, Low-Density Living

The eternal principle of luxury living lies in the harmonious unity of architecture, people, nature, and the city. The element of low density is therefore particularly important. In addition, the facilities in a luxury residence, such as concierge services, spacious dual parking spots for luxury cars, sky pools, themed gardens, extensive green vegetation, and various clubhouses, all offer top-tier enjoyment, allowing the old and new money to entertain friends and network.

4. Freehold Tenure, A Lasting Legacy

If you can have it forever, who would settle for temporary ownership? With no inheritance tax on property in Singapore, it is a natural choice for the affluent to favor freehold tenure. Since 2007, Singapore has stopped releasing freehold land for developer bidding, making freehold land a non-renewable, scarce resource. Therefore, freehold projects on the market can only come from collective sales (En Bloc). This ensures that such residential properties will not be cheap. Traditional luxury residential areas are almost all freehold, while emerging areas like Bugis and Tanjong Pagar are mostly 99-year leasehold.

Scarcity creates value. As Singapore’s economy continues to develop, the value of these scarce resources will also increase. Seizing the right opportunity and timing is the key to soaring with the tide.

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