# CCR demand rebounds despite foreign buyer pullback: Is pricing the new catalyst?

- **Source:** EdgeProp Singapore
- **Published:** 2026-07-16T06:00:00.000Z
- **Author:** Mark Yip and Lee Sze Teck
- **Original:** https://www.edgeprop.sg/property-news/ccr-demand-rebounds-despite-foreign-buyer-pullback-pricing-new-catalyst
- **Topics:** Private Residential, Commercial & Industrial, New Launches

## Featured rationale

The rebound signals local buyers are replacing foreign demand, potentially repositioning CCR homes around $3 million as accessible upgrading or right-sizing options.

## AI summary

CCR new private-home sales rose fivefold from 378 units in 2024 to 1,916 in 2025 as the CCR-RCR median price gap narrowed to 10.1%.

## Original article

Demand for new private homes in Singapore’s Core Central Region (CCR) rebounded sharply in 2025, even as foreign buyer participation fell to historic lows following the April 2023 cooling measures.

This recovery — driven largely by local buyers — comes amid a narrowing price gap between CCR and Rest of Central Region (RCR) homes, reshaping buying patterns and redefining the CCR’s traditional positioning as a luxury, investor-led segment.

Supply and demand in CCR

Foreigners made up a significant share of purchases of new homes in the CCR, averaging 17% between 2015 and 2022. This eased to 10.7% in 2024 after the government raised the additional buyer’s stamp duty (ABSD) on foreigners purchasing residential homes to 60% in April 2023. It contracted further to 4.7% in 2026 to date.

Read also: Uptick in shophouses sold but fewer rented in 2Q2026: Huttons

Despite the sharp increase in the ABSD for foreigners, demand for new private non-landed homes in the CCR in 2025 jumped fivefold to 1,916 units from 378 units in 2024.

This suggests that the CCR market may be undergoing a structural shift, with local buyers increasingly filling the gap left by foreign purchasers.

Rapid compression in CCR pricing premiums

One key driver is the rapid compression in CCR pricing premiums. The median price gap between the CCR and the RCR narrowed to just 10.1% in 2025, nearly halving from 21.5% in 2024. This convergence has effectively repositioned CCR homes from a luxury niche into a more accessible upgrade option for Singaporean buyers.

As a result, the proportion of purchases of new homes in the CCR by Singaporeans rose to a high of 82.4% in 2025, compared with 67.7% between 2015 and 2022. The proportion of Singaporean buyers has hovered around 78% in 2026 to date.

Around 82% of new homes bought by Singaporeans in the CCR in 2026 to date were priced around $3 million. Among these buyers, 16.1% had an HDB address, while 55.8% had a private residential address.

This points to a growing trend of right-sizing rather than traditional upgrading, with existing private homeowners adjusting their housing choices based on lifestyle needs, location preferences and cost considerations.

Read also: Huttons wins commission claim, court rules landlord bears risk of bad tenant

Taken together, these trends suggest that the sweet spot for CCR developments may lie in catering primarily to local buyers, with about 80% of Singaporean buyers purchasing CCR homes priced at around $3 million.

Turf City as the next test bed

Within this evolving landscape, the redevelopment of Turf City, in the CCR, represents one of the most significant new residential transformations in Singapore, following the Greater Southern Waterfront.

Spanning approximately 176ha, the estate is expected to yield between 15,000 and 20,000 homes across both public and private housing segments.

Envisioned as a car-lite precinct, it will be supported by future transport infrastructure, including the upcoming Turf City MRT Station on the Cross Island Line (expected in 2032), as well as existing connectivity via Sixth Avenue MRT Station on the Downtown Line.

To kick-start development, the government released two sites for private residential use in 2025 and 2026. The first project, Dunearn House, opened for preview on July 10 and is scheduled for launch on July 25.

As the inaugural private residential development in the precinct, the condo’s launch will provide an early indication of how buyers respond to a new CCR micro-market shaped by evolving demand dynamics.

Read also: Is every town a good town?

Price anchoring in new residential estates

Singapore homebuyers have consistently shown strong receptiveness towards new residential estates, recognising the long-term growth potential and capital appreciation these developments can offer. This was evident from the strong launch performance of projects such as Tengah Garden Residences and Vela Bay in the upcoming Bayshore precinct.

Tengah Garden Residences has emerged as the best-selling project in 2026 so far, achieving a near sell-out, while Vela Bay recorded robust sales and set a new benchmark price in the OCR in April.

Historical precedents also suggest that the first project in a new precinct often establishes pricing benchmarks. For example, Lentor Modern had an average selling price of more than $2,100 psf. Subsequent launches in Lentor referenced Lentor Modern’s prices.

Early buyers of the project have since seen notable gains, with sub-sale transactions registering average profits of more than $300,000 and peak gains exceeding $500,000.

If this pattern holds, Dunearn House — being the first launch in Turf City — could play a similar role in anchoring future price expectations within the precinct. Moreover, the neighbouring plot was sold at $1,625 psf per plot ratio (psf ppr), compared with Dunearn House’s land price of $1,410 psf ppr, reflecting developers’ confidence in Turf City.

At the same time, Turf City’s unique positioning within a predominantly landed enclave could reshape perceptions of the CCR living environment. Unlike the traditionally dense and premium character associated with the CCR, the precinct may offer a more spacious and liveable alternative, supported by its master plan and future transport connectivity.

Demographic trends and latent demand

As Singapore becomes a super-aged society, more seniors may choose to right-size from their larger landed or non-landed homes as they transition into retirement. This could drive demand for non-landed properties, particularly in established districts such as Bukit Timah, where familiarity and proximity remain strong pull factors.

As at 1Q2026, the Bukit Timah Planning Area comprises over 10,000 landed homes and more than 22,000 non-landed units, representing a substantial pool of potential demand.

Developments such as Dunearn House may appeal to this segment, offering a combination of location familiarity, modern amenities and more efficient layouts. Buyers who purchase units at Dunearn House may potentially reap the benefits in the years ahead.

Shifting CCR paradigm

With a growing domestic buyer base, narrowing price differentials, and a major new precinct coming onstream, the CCR market may be entering a new phase — one defined less by foreign capital and more by local owner-occupier demand.

Pricing, in turn, has become a more important catalyst in bridging the gap between the CCR’s traditional positioning and broader market accessibility.

The launch of Dunearn House will provide an early indication of how this shift translates into actual market performance, in terms of pricing resilience and market absorption in the months ahead.

Turf City could mark a fresh phase of urban living — and a test case for the changing dynamics of the CCR market.

## Chinese translation

> Translation model: grok

### 外资买家退潮下CCR需求反弹：价格是否成为新催化剂？

在价格差距收窄与新盘推动下，本地买家接替外资买家，核心中央区（CCR）住宅需求正在回升。

2025年，尽管外资买家参与度在2023年4月降温措施后降至历史低位，新加坡核心中央区（Core Central Region，CCR）新建私人住宅需求仍大幅反弹。

这一主要由本地买家推动的复苏，正值CCR与中央区其余地区（Rest of Central Region，RCR）房价差距收窄，重塑了购房格局，并重新定义了CCR作为奢华、投资主导板块的传统定位。

CCR的供需

2015年至2022年，外籍人士在CCR新建住宅购买中占比可观，平均为17%。2023年4月政府将外籍人士购买住宅的额外买方印花税（ABSD）上调至60%后，该占比在2024年降至10.7%，2026年迄今进一步收缩至4.7%。

另读：2026年第二季店屋出售增加但出租减少：Huttons

尽管外籍人士ABSD大幅上调，2025年CCR新建非有地私人住宅需求仍跃升五倍，从2024年的378个单位增至1,916个单位。

这表明CCR市场或正经历结构性转变，本地买家日益填补外资买家留下的空缺。

CCR溢价迅速压缩

关键驱动因素之一是CCR价格溢价迅速收窄。2025年CCR与RCR中位价差距仅10.1%，较2024年的21.5%几近减半。这一收敛使CCR住宅从奢华利基，有效转变为新加坡买家更可及的换房选择。

因此，2025年新加坡人在CCR新建住宅购买中的占比升至82.4%高位，而2015至2022年平均为67.7%。2026年迄今，新加坡买家占比约在78%上下。

2026年迄今，新加坡人在CCR购买的新建住宅中，约82%价格约在300万新元。其中，16.1%买家地址为HDB，55.8%为私人住宅地址。

这指向“适居调整”（right-sizing）而非传统升级的趋势增强——现有私人住宅业主根据生活方式、区位偏好与成本考量调整住房选择。

另读：Huttons胜诉佣金索偿，法院裁定房东承担不良租客风险

综合来看，这些趋势表明：CCR项目的甜蜜点或在于主要服务本地买家——约80%新加坡买家购买约300万新元价位的CCR住宅。

Turf City成为下一试验场

在这一演变格局中，位于CCR的Turf City重建，是继大南部滨水区（Greater Southern Waterfront）之后，新加坡最重要的新建住宅转型之一。

该地段面积约176公顷，预计可提供15,000至20,000套公共与私人住宅。

规划为低车流量片区，将获未来交通基础设施支持，包括跨岛线即将开通的Turf City地铁站（预计2032年），以及地铁市区线现有的Sixth Avenue地铁站连通。

为启动开发，政府于2025年与2026年释出两幅私人住宅用途地段。首个项目Dunearn House已于7月10日开启预览，并定于7月25日开盘。

作为该片区首个私人住宅项目，该公寓开盘将初步显示买家如何响应由需求动态演变塑造的CCR新微市场。

另读：是否每个市镇都是好市镇？

新住宅区的价格锚定

新加坡购房者一向对新住宅区反应积极，认可其长期增长与资本增值潜力。Tengah Garden Residences与即将形成的Bayshore片区Vela Bay等项目的强劲开盘表现即为明证。

Tengah Garden Residences成为2026年迄今最畅销项目，接近售罄；Vela Bay销售稳健，并于4月在外中央区（OCR）创下新价格标杆。

历史先例亦显示，新片区首个项目往往确立价格基准。例如，Lentor Modern平均售价超过每平方英尺2,100新元，随后Lentor区开盘均参考其价格。

该项目早期买家已见可观收益，转售（sub-sale）平均利润逾30万新元，峰值收益超过50万新元。

若此模式延续，作为Turf City首个开盘的Dunearn House，或在锚定片区未来价格预期方面扮演类似角色。此外，相邻地段以容积率每平方英尺1,625新元（psf ppr）成交，而Dunearn House地价为容积率每平方英尺1,410新元，反映发展商对Turf City的信心。

同时，Turf City位于以有地住宅为主飞地内的独特定位，或将重塑对CCR居住环境的认知。有别于传统上与CCR相关的高密度与高端特征，该片区在总体规划与未来交通连通支持下，或提供更宽敞、宜居的替代选择。

人口趋势与潜在需求

随着新加坡迈向超老龄社会，更多乐龄人士或在过渡至退休时，从较大的有地或非有地住宅进行适居调整。这可能推动非有地住宅需求，尤其是在武吉知马等成熟区域——熟悉感与邻近性仍是强吸引力。

截至2026年第一季，武吉知马规划区有逾10,000套有地住宅与超过22,000个非有地单位，构成可观潜在需求池。

Dunearn House等项目或吸引该群体，提供区位熟悉度、现代配套与更高效布局的组合。在Dunearn House购入单位的买家，未来数年或可受益。

CCR范式转变

随着本地买家基础扩大、价格差距收窄，以及重要新片区陆续推出，CCR市场或正进入新阶段——更少由外资资本定义，更多由本地自住需求驱动。

价格本身也成为弥合CCR传统定位与更广泛市场可及性的更重要催化剂。

Dunearn House的开盘，将初步显示这一转变如何转化为实际市场表现——包括未来数月的价格韧性与市场消化。

Turf City或标志都市生活的新阶段，也成为CCR市场动态变化的试验案例。