Aman-branded residence at The Skywaters sells for record S$6,501 psf in October
Located in Shenton Way, the project will be the tallest building in Singapore when completed
[SINGAPORE] A 1,798 square foot Aman-branded residence at The Skywaters complex in Tanjong Pagar has recently changed hands at S$11.7 million or S$6,501 per square foot (psf) – marking a record-high price for a 99-year leasehold property in psf terms.
Caveats data showed that the three-bedroom unit on the 30th floor of The Skywaters was bought by a Singapore permanent resident on Oct 8. According to a report by EdgeProp, the buyer is believed to be a Chinese national.
Located in Shenton Way, The Skywaters is a supertall mixed-used project which will be the tallest building in Singapore, developed by a consortium led by Perennial Holdings on the site of the former AXA Tower. Other partners include Alibaba Singapore, Chip Eng Seng, Sing-Haiyi Emerald, Piermont Holdings and HPRY Holdings.
The Aman-branded residence sale came just a week after the luxury hospitality operator announced its debut in Singapore at The Skywaters. Aman suites will occupy the 24th to 26th floors of the complex, with a 44-unit branded residence on the 28th to 30th floors.
Prior to the transaction this month, the highest psf price for a 99-year leasehold property was S$6,100 psf for a 7,761 sq ft penthouse unit on the 57th floor of Skywaters Residences, a luxury condominium project located within The Skywaters project. It was bought by a foreigner, whose nationality is not known.
To date, a 3,089 sq ft unit at The Marq on Paterson Hill holds the record for the highest psf transaction at S$6,650 psf, in a sale sealed almost 13 years ago in November 2011.
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Data from URA indicated that Skywaters Residences comprises 146 units on the 31st to 63rd storeys of The Skywaters. Grade A offices are located on the 3rd to 22nd floors. There is also a basement retail mall connected directly to Tanjong Pagar MRT station.
The latest sale comes on the back of improving demand for prime non-landed homes in Singapore, where steep stamp duties have curbed foreign buying since 2023.
High demand for lofty homes
Based on data compiled by Huttons Asia tracking transactions of large prime location condos priced over S$5 million, 81 such units worth S$740.6 million changed hands in the third quarter of 2025 – up more than 30 per cent in terms of volume, and 30.8 per cent in terms of value quarter on quarter.
In the first nine months of 2025, a total of 214 luxury non-landed homes worth S$1.9 billion were sold – an increase of 30.5 per cent in volume and 51.3 per cent in value compared with the same period a year ago.
Some 13 transactions were valued at S$10 million and higher; among them, two units at 21 Anderson were sold to two PRs for an eye-popping S$52.25 million (S$4,999 psf) each, and a 3,057 sq ft unit in The Marq on Paterson Hill sold to a Swiss national for S$19.2 million or S$6,274 psf.
“The continued geopolitical tensions and uncertainties are driving many ultra-high-net-worth individuals to seek safe havens like Singapore,” said Huttons Asia chief executive Mark Yip. “The strong Singapore dollar further makes investing in Singapore an attractive proposition.”
Huttons tracked transactions of non-landed homes larger than 2,000 sq ft in the prime Core Central Region that transacted at S$5 million or more.
On the rental front, around 725 luxury units were leased out in Q3, up 21.6 per cent from the previous quarter.
Rents held firm, rising a marginal 1.6 per cent to S$15,599 per month. This puts rental growth for the first three quarters of 2025 at more than 10 per cent.
Yip reckons that the luxury non-landed home market may remain muted in the remaining months of this year, given year-end festivities. “(But) on a whole, the luxury non-landed homes market is poised for its best performance since 2022,” he said.
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