# Landed homes get pricier despite slower momentum, GCB deals average $2,121 psf

- **Source:** EdgeProp Singapore
- **Published:** 2026-07-02T04:00:00.000Z
- **Author:** Ashley Lo
- **Original:** https://www.edgeprop.sg/property-news/landed-homes-get-pricier-despite-slower-momentum-gcb-deals-average-2121-psf
- **Topics:** Private Residential, Government & Policy, Transactions & Deals

## Featured rationale

Rising prices despite lower volumes signal resilient demand and limited supply, which may sustain values while pricing mismatches keep buyers selective and transactions measured.

## AI summary

Singapore recorded 869 landed-home transactions worth $5.4 billion in 1H2026, while average GCB land rates increased from $2,048 psf to $2,121 psf.

## Original article

Landed housing deal momentum in Singapore moderated in 1H2026, with geopolitical uncertainties dampening buyer sentiment, according to the GCB & Prestige Landed Report by PropNex Research.

URA data compiled by PropNex showed that 869 landed home transactions, worth a combined $5.4 billion, were recorded in 1H2026 (as at June 7). This marks a decline from the 1,009 deals worth $5.78 billion logged in the corresponding period last year.

It comes as landed property buyers — often business owners, entrepreneurs and high-net-worth individuals — may have deferred purchase decisions amid concerns over higher energy costs, economic uncertainty and the risk of elevated interest rates, according to the report.

Read also: Freehold boutique landed home project Solstice debuts with prices from $4,406 psf, in District 11

Prices of CCR landed properties see steepest jump

Despite slower transaction activity, average prices continued to climb across all sub-markets, led by the Core Central Region (CCR). The average landed home price in the CCR rose 20.9% y-o-y to $2,546 psf in 1H2026 (see Chart 1).

The Outside Central Region (OCR) followed with a 9.1% y-o-y increase to $1,909 psf over the same period, while prices in the Rest of Central Region (RCR) grew 6.4% y-o-y to $2,299 psf.

This growth points to resilient buyer demand as well as a fundamentally healthy landed housing market, notes PropNex.

Coupled with the limited supply of landed homes and the strong financial position of homeowners, sellers remain under little pressure to lower their asking prices and can afford to wait for offers that meet their price expectations.

GCB sales activity softens amid pricing mismatch

The measured pace of activity in the landed housing market also extended to the Good Class Bungalow (GCB) segment, which logged “fairly tepid” sales momentum in the first half of the year, PropNex says.

Based on caveat data (as at June 7), 10 GCB transactions worth a combined $304 million were recorded in 1H2026 (see Chart 2).

Read also: Landed homes for $880,000: What's the catch, and why may some buyers consider them?

PropNex expects the full 1H2026 transaction value to come in below the $634 million achieved from 18 GCB deals in 2H2025.

The softer sales were partly due to a mismatch in price expectations between buyers and sellers. While buyers expected prices to moderate amid economic headwinds and geopolitical uncertainties, many owners remained reluctant to lower their price expectations.

That said, PropNex notes that actual GCB transaction activity may have been stronger than the caveat data suggests, as some transactions may not have been caveated.

One such transaction involved a GCB in Tanglin Hill, located within the Ridley Park GCB area. The freehold property, which sits on a land area of 23,979 sq ft, fetched $76 million ($3,169 psf) in February.

In any case, despite the lower sales volume in the first half of the year, the average transacted land rate for GCBs increased to $2,121 psf, up from $2,048 psf in 2H2025.

Among caveated transactions, the largest in 1H2026 (see Table 1) was for a 14,264 sq ft GCB along Nassim Road which fetched $64.9 million in April. That works out to $4,550 psf based on land area, which is a new record for GCBs, going by caveats lodged.

Read also: Singapore's Barbie Dreamhouse: Inside collector Jian Yang's home, where dolls number in the tens of thousands

Other notable caveated deals involved two adjoining GCBs in the Belmont Park GCB Area, which were sold in separate transactions for a combined value of about $60 million. The properties occupy a combined land area of 41,741 sq ft, translating to $1,437 psf on average.

While macroeconomic conditions are expected to continue influencing GCB transaction activity, PropNex believes prices will remain relatively stable. The firm attributes this to the limited supply of GCBs, their enduring appeal among ultra-high-net-worth individuals, and the strong financial position of both buyers and sellers.

Houses above $10 mil buck broader slowdown

Meanwhile, the ‘prestige’ landed homes segment — defined by PropNex as landed properties (excluding GCBs) transacting above $10 million — bucked the broader slowdown, recording 82 transactions worth nearly $1.2 billion in 1H2026 (see Chart 3).

This marks a 19.3% y-o-y increase in transaction value from $990 million across 72 deals in 1H2025.

The prestige segment also saw a shift towards higher-value transactions. The proportion of deals valued above $15 million increased from 25.5% in 2H2025 to 32.9% in 1H2026. Among these, 2.4% of transactions fetched more than $30 million (see Chart 4).

On the other hand, homes priced between $10 million and $15 million accounted for 67.1% of prestige landed deals in 1H2026, down from 74.5% in 2H2025.

As geopolitical tensions in the Middle East show signs of easing amid ongoing peace talks, PropNex expects sales momentum in luxury landed housing to strengthen in the second half of the year.

Demand could also receive a boost from Singapore’s plans to admit more new citizens and permanent residents, which may support purchases of landed homes and strengthen leasing demand.

Although macroeconomic headwinds linger, the firm believes Singapore’s safe-haven appeal will continue to underpin demand in 2026.

Fewer rental contracts for GCBs, high-end houses

In the rental market, leasing demand for GCBs and other high-end landed homes continued to be weighed down by tighter anti-money laundering (AML) measures that have dampened activity since August 2023.

Additionally, ongoing global economic uncertainties have further softened demand, with cost-conscious tenants opting for more affordable houses or private condos, says PropNex.

Against this backdrop, there were 1,771 rental contracts signed between January and May 2026, slightly fewer than the 1,781 inked in the same period last year (see Chart 5).

Nonetheless, the value of rental contracts rose to $18 million during the five-month period, up from the $17.4 million recorded a year earlier.

The record for the priciest landed property leasing deal in the first five months of this year (see Table 2) was jointly held by two detached houses, one in Dalvey Estate and another along Cove Way in Sentosa Cove. Both properties commanded a monthly rent of $65,000 each.

Going forward, recent measures to streamline AML processes could create more favourable conditions for the luxury leasing market, PropNex says.

In May, the Monetary Authority of Singapore announced initiatives aimed at shortening account-opening and application processing times for private banking accounts.

“Over time, these measures could help reduce friction associated with onboarding high-net-worth individuals and further enhance Singapore’s appeal as a global wealth management hub, which may help to support leasing demand at the top-end of the market,” the report states.

Cautious optimism for 2H2026

Despite easing tensions in the Middle East, PropNex believes it may take time for improving sentiment to filter through to Singapore’s landed housing market.

In the near term, buyers are likely to stay cautious amid economic uncertainties, corporate restructuring exercises and concerns over inflationary pressures.

That said, the market remains supported by resilient fundamentals.

“The limited supply of landed homes, particularly GCBs, rising affluence, a higher intake of new citizens and Singapore’s reputation as a safe-haven destination can help to underpin demand and support values over the longer term,” PropNex notes.

The firm expects buyers — particularly in the GCB segment — to still be selective, focusing on well-located and attractively priced properties. Sellers, meanwhile, could become more willing to negotiate their asking prices to facilitate transactions.

Overall, PropNex anticipates the landed housing market, including GCBs, to be stable in the second half of 2026.

“Transaction activity may continue to be affected by macroeconomic uncertainties and evolving geopolitical developments, while the pace of price growth is likely to stay measured.”

## Chinese translation

> Translation model: grok

### 有地住宅成交放缓但价格仍升，优质洋房成交均价每平方英尺2,121新元

2026年上半年成交量回落，但需求韧性与供应紧张仍推动有地住宅价格上行。

据PropNex Research发布的《优质洋房与高端有地住宅报告》，新加坡有地住宅市场2026年上半年成交动能放缓，地缘政治不确定性抑制了买家情绪。

PropNex整理的市区重建局（URA）数据显示，2026年上半年（截至6月7日）共录得869宗有地住宅交易，总成交额54亿新元，低于去年同期的1,009宗、57.8亿新元。

报告指出，有地住宅买家多为企业主、创业者及高净值人士，在能源成本上升、经济前景不明以及利率高企风险等担忧下，可能推迟了购房决定。

另读：11区永久地权精品有地住宅项目Solstice亮相，起价每平方英尺4,406新元

核心中央区有地住宅价格升幅最陡

尽管成交活动放缓，各细分市场平均价格仍持续上扬，以核心中央区（CCR）领涨。2026年上半年CCR有地住宅均价同比上涨20.9%，至每平方英尺2,546新元（见图表1）。

同期，中央区以外地区（OCR）同比上涨9.1%至每平方英尺1,909新元；中央区其他地区（RCR）同比上涨6.4%至每平方英尺2,299新元。

PropNex指出，这一增长反映买家需求仍具韧性，有地住宅市场基本面亦健康。

加之有地住宅供应有限、业主财务状况稳健，卖家并无多大降价压力，可耐心等待符合心理预期的报价。

优质洋房成交因价格预期错位而转软

有地住宅市场的谨慎节奏也延伸至优质洋房（GCB）板块。PropNex称，上半年该板块销售动能“相当平淡”。

根据备案数据（截至6月7日），2026年上半年录得10宗GCB交易，总成交额3.04亿新元（见图表2）。

另读：88万新元有地住宅：猫腻何在，为何仍有买家考虑？

PropNex预计，2026年上半年全年成交额将低于2025年下半年18宗GCB交易所录得的6.34亿新元。

销售偏软部分源于买卖双方价格预期错位。买家预期在经济逆风与地缘不确定性下价格会回落，而许多业主仍不愿下调心理价位。

不过PropNex也指出，实际GCB成交可能比备案数据更活跃，因为部分交易可能尚未备案。

其中一宗涉及位于Ridley Park优质洋房区唐林山（Tanglin Hill）的GCB。该永久地权物业地块面积23,979平方英尺，2月以7,600万新元（每平方英尺3,169新元）成交。

无论如何，尽管上半年成交量下降，GCB平均成交地价仍升至每平方英尺2,121新元，高于2025年下半年的每平方英尺2,048新元。

在已备案交易中，2026年上半年最大一宗（见表1）为4月沿纳西姆路（Nassim Road）一套14,264平方英尺GCB以6,490万新元成交，按地面积折合每平方英尺4,550新元，按备案记录创下GCB新高。

另读：新加坡版芭比梦想屋：走进收藏家Jian Yang家中，洋娃娃数以万计

其他值得关注的备案交易包括Belmont Park优质洋房区两栋相邻GCB，分笔成交合计约6,000万新元。两物业合计地面积41,741平方英尺，平均约每平方英尺1,437新元。

尽管宏观环境料将继续影响GCB成交，PropNex认为价格将相对稳定，原因包括GCB供应有限、对超高净值人士经久不衰的吸引力，以及买卖双方均具备较强财务实力。

千万新元以上洋房逆势走强

与此同时，PropNex所界定的“高端”有地住宅板块——即成交价超过1,000万新元的有地物业（不含GCB）——逆势上扬，2026年上半年录得82宗交易，总额近12亿新元（见图表3）。

这较2025年上半年72宗、9.9亿新元的成交额同比增长19.3%。

高端板块亦向更高价值交易倾斜。成交价逾1,500万新元的交易占比由2025年下半年的25.5%升至2026年上半年的32.9%；其中2.4%成交价超过3,000万新元（见图表4）。

另一方面，1,000万至1,500万新元区间的房屋占2026年上半年高端有地成交的67.1%，低于2025年下半年的74.5%。

随着中东地缘紧张在和谈推进下出现缓和迹象，PropNex预计下半年豪华有地住宅销售动能将增强。

新加坡计划接纳更多新公民与永久居民，亦可能提振有地住宅购买及租赁需求。

尽管宏观逆风仍在，该行认为新加坡作为避风港的吸引力将在2026年继续支撑需求。

GCB与高端洋房租赁合约减少

租赁市场方面，自2023年8月以来收紧的反洗钱（AML）措施持续压制GCB及其他高端有地住宅的租赁需求。

此外，全球经济不确定性进一步软化需求，注重成本的租户转向更可负担的洋房或私人公寓，PropNex表示。

在此背景下，2026年1月至5月共签下1,771份租赁合约，略少于去年同期的1,781份（见图表5）。

不过，这五个月租赁合约金额升至1,800万新元，高于去年同期的1,740万新元。

今年前五个月最贵有地住宅租赁纪录（见表2）由两栋独立洋房并列：一栋在Dalvey Estate，另一栋在圣淘沙湾Cove Way，月租均为6.5万新元。

展望未来，近期简化反洗钱流程的措施或为豪华租赁市场创造更有利条件，PropNex称。

5月，新加坡金融管理局宣布旨在缩短私人银行开户与申请处理时间的举措。

报告称：“长远来看，这些措施有助于降低高净值人士入驻摩擦，进一步提升新加坡作为全球财富管理中心的吸引力，或可支撑高端租赁需求。”

对2026年下半年审慎乐观

尽管中东紧张局势缓和，PropNex认为改善的情绪传导至新加坡有地住宅市场仍需时日。

短期内，买家在经济不确定性、企业重组及通胀压力担忧下料将保持谨慎。

不过，市场仍获韧性基本面支撑。

PropNex指出：“有地住宅尤其是GCB供应有限、富裕程度上升、新公民接纳量增加，以及新加坡作为避风港目的地的声誉，可在中长期支撑需求与价值。”

该行预计买家——尤其在GCB板块——仍将精挑细选，聚焦地段优越、定价具吸引力的物业；卖家则可能更愿意就叫价协商以促成交易。

总体而言，PropNex预期包括GCB在内的有地住宅市场在2026年下半年将保持稳定。

“成交活动或继续受宏观不确定性及地缘局势演变影响，而价格升幅节奏料将保持审慎。”