When a single unit in a luxury condominium sells for over $3,000 per square foot, most people assume that's a story about the ultra-rich. It's not. It's a signal about where this entire market is heading, and if you're sitting on an HDB flat thinking about your next move, or holding a private property wondering whether to sell, this number tells you something you need to hear right now.
Goodwood Residence, a freehold luxury development in the Core Central Region (CCR), just recorded a transaction at $3,002 per square foot. That's a record price for the project, and it lands at a time when the CCR was actually written off by many observers after a sharp 3.5% decline in the previous quarter.
The broader Q1 2026 private residential price index came in at +0.9% quarter-on-quarter, a pickup from the 0.6% growth we saw in Q4 2025. Non-landed homes led the rebound with a +1.0% gain. Landed properties pulled back by 1.8%. The CCR itself recovered between 0.6% and 0.8%, which tells me the segment has found its footing again after last quarter's dip.
Transaction volumes tell a different story though. New sales dropped 31.5% quarter-on-quarter to about 2,013 units. Resale transactions came in at 3,225 units, down 8.6% from the previous quarter. The uncompleted pipeline has grown to 38,133 units, up 6.8% from the quarter before. Prices are rising, but the volume of deals is softening. That combination deserves your full attention.
In my view, the $3,002 psf at Goodwood Residence is not a random spike. It reflects something I've been watching build quietly for the past 18 months: genuine flight-to-quality buying in Singapore's luxury CCR segment. Global money is looking for stability, and Singapore keeps delivering it. Freehold, well-located, low-supply developments like Goodwood Residence are exactly where that capital lands.
Here's the thing most people miss. The CCR looked shaky after that 3.5% dip in Q4 2025. A lot of buyers walked away. What I'm seeing on the ground is that those who stayed disciplined and bought into quality CCR assets during that soft patch are now sitting on record psf benchmarks. In 25 years I've watched this pattern before. The CCR dips, sentiment sours, and then premium transactions reset the floor higher than anyone expected.
What concerns me more right now is the rising pipeline. We now have 38,133 uncompleted private residential units in the system. That's a meaningful number. Prices can still hold firm in the near term, especially in the CCR and RCR where supply stays curated. But sellers in the mass market OCR (Outside Central Region) are going to face more competition over the next two to three years as these units complete and hit the resale market. The window for easy capital gains is narrowing for that segment.
If you're an HDB upgrader: The HDB Resale Price Index dipped 0.1% this quarter. That's a small move, but it eases the entry barrier slightly if you're selling your HDB flat to fund a private upgrade. Resale private condos in the OCR and RCR still offer better value per square foot compared to new launches, and with resale volumes holding at over 3,000 units per quarter, there's genuine selection out there. Don't wait for a dramatic price crash. It's not coming. Move when your own finances align, not when you think you've timed the market perfectly.
If you're a private condo investor: The CCR record psf at Goodwood Residence confirms that premium, well-located freehold assets continue to attract serious capital. If you're an investor with holding power, quality CCR properties remain a defensible store of value. For those with a tighter budget, RCR developments with good accessibility and lean efficient layouts are where I'd focus right now. The government's 1H 2026 Confirmed List under the Government Land Sales (GLS) programme added 4,575 private residential units, which is 50% above the average half-yearly supply. Developer land costs will stabilise, and that eventually feeds through to more measured new launch pricing.
If you're an overseas buyer or expat: Singapore's fundamentals are intact. GDP growth is forecast at around 2.2%, borrowing costs have eased from their peaks, and the government has not introduced any new cooling measures this quarter. The Additional Buyer's Stamp Duty (ABSD) framework remains unchanged, so the cost of entry is known and plannable. CCR luxury, which is where Goodwood Residence sits, continues to attract international buyers precisely because supply in that segment is structurally limited. If you're considering a Singapore foothold property, the Goodwood Residence benchmark tells you that well-positioned CCR assets are not waiting for you.
A $3,002 psf record at Goodwood Residence is not just a headline for the wealthy. It's a marker that tells us Singapore's prime property market is back to setting new benchmarks, even as overall volumes soften and supply builds in the pipeline. Prices are rising, but the market is becoming more selective. Quality matters more now than it did two years ago. The right asset in the right location will hold and grow. The wrong one will sit. If you want a straight conversation about where your money, your flat, or your next property fits into all of this, reach out to me directly.
WhatsApp me at +65 97501055 or visit keithtanboonkee.com to get a no-obligation assessment of your situation. I'll give you my honest read, not a sales pitch.
25 years experience · 1,000+ transactions · 4,379 TOP units managed
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