Six thousand a foot.

In October, a Singapore permanent resident paid S$11.69 million, S$6,501 per square foot, for a three-bedroom unit at the Aman-branded residences within The Skywaters, the 63-storey development rising on the old AXA Tower site. Earlier in the year, a penthouse at Park Nova cleared at S$38.89 million, or S$6,593 per square foot, and two adjoining units at 21 Anderson sold for S$52.25 million each, the first transactions above the fifty-million mark since 2022.

A small cluster of deals, but a distinct signal: the S$6,000-per-square-foot line, once crossed only by a handful of freehold trophies in a strong year, is being crossed repeatedly, in both freehold and, notably, 99-year leasehold product.

Three things are worth understanding about this altitude of the market.

First, it is almost entirely insulated from the mass market’s arithmetic. Buyers at S$6,000 a foot are not comparing against resale stock or measuring mortgage serviceability. They are buying a specific object, a brand, a floor, a view, a nationality of building, and the comparison set is Hong Kong, London and New York, against which Singapore still prices at a discount with stronger governance.

Second, the branded residence has arrived as a category. The Aman name atop The Skywaters converted a leasehold site in the financial district into pricing that outruns most freehold land in District 10. Hospitality brands are becoming, in effect, a form of tenure: what the buyer holds is not just title but membership.

Third, the fifty-million transaction is back. Deals of that size had effectively paused after the 2023 ABSD reset. Their return, to buyers who by definition absorb a sixty percent duty or structure around residence status, tells us the very top of the market has finished repricing and resumed transacting.

Volume at this altitude will never be large. It does not need to be. A dozen such transactions a year are enough to mark the ceiling against which every prime asset in the city is silently measured, and the ceiling has just moved.

Zaiwealth represents principals in ultra-prime residential acquisitions and divestments, on and off market.