How the Ultra-Rich Buy Property: Lessons From S$40M GCB Deals

21 August 2026 · By Jet Lee · Market Analysis · Source: The Business Times

Some imagine that for those with very deep pockets, purchasing property looks like this: buyers fall in love with something they see, quickly — and coolly — place a deposit on it. Voila, the deal is done.

That, however, couldn't be further from the truth. In reality, how ultra-high-net-worth (UHNW) individuals buy property looks less like Hollywood and more like a very detailed Excel sheet comparing potential homes. From there, decision-making is driven by careful considerations such as structuring for tax efficiency, wealth transfer and risk management — with input from advisers and family members.

Privacy, security, off-market mansions and the refusal to overpay are just some of the hallmarks in the rarefied world of UHNW real estate deals, as brokers shared with The Business Times this week.

Discretion and Off-Market Mansions

Typically, intermediaries — whether the buyer's family office, banker or lawyer — approach a real estate broker, who first needs to understand the motivations behind the home search. Non-disclosure agreements are signed at the start, and the process is kept as discreet as possible.

"Usually, people are aware that an individual was looking for a home only after the transaction has taken place," says Otto Twist, South-east Asia director for international residential sales at Savills Singapore.

• Off-market sourcing. Beyond open listings, brokers approach owners of very unique properties directly — especially when buyers have very specific requirements about a street or resort.
• Private introductions. Extremely special overseas properties can be privately introduced to a select group of 20-30 potential buyers — sometimes gathered on a yacht in Singapore because coordinating 20 wealthy buyers to fly to Phuket at once is near-impossible.
• The "rich prince" myth. List Sotheby's International Realty's Felix Desjardins has fought the myth that "a Dubai prince or rich Chinese industrialist is going to come and fall in love with a property". That buyer "does not exist" — UHNW buyers are excellent negotiators, and he has never seen one overpay.

One case in point: a deal was nearly sealed, but the buyer refused to pay an extra US$150,000 or so to keep the furniture he wanted. "He said: 'No, I'm not paying a dime more.'"

What They're After

The ultra-rich typically already own three or four properties around the world, spending a few months in each throughout the year. Within the two broad categories they buy — condominiums and villas — several patterns stand out:

• Branded residences. Some prefer ultra-luxury branded residences — the likes of Aman, Mandarin Oriental and Four Seasons — offering homes and privacy with all the benefits of a hotel. Others acquire residences from non-traditional names like Porsche and Bvlgari.
• Exclusive landed enclaves in Singapore. "In more urban locations like Singapore, they often look for exclusive landed enclaves, especially GCBs, and low-density developments with excellent security, concierges and private lifts and entrances in prime but quiet neighbourhoods," says Nicholas Keong, head of residential and private office at Knight Frank Singapore. His team has brokered residences from a S$5 million holiday home in New Zealand to a GCB here for more than S$40 million.
• Privacy engineered into the building. In super-prime condominiums, security can include biometric facial recognition, private basement car parks reachable only by the owner, exclusive direct lift access, and even buyers purchasing entire floors so only their family is on that level.
• Architecture that ages well. Homes designed by renowned architects, perched on elevated positions hidden from public view and surrounded by dense landscaping, with good internal layouts offering separate staff quarters and entrance areas.

The Deal-Breakers

Despite the objective factors that determine whether a property is right, purchase decisions still involve psycho-emotional factors. According to Keong, the most common deal-breaker is "fengshui" — followed closely by "the vibes buyers get when they enter a property".

• Move-in condition matters. Mansions past their prime, with owners wanting to exit without doing proper home improvements, are a red flag — the ultra-rich want move-in condition, not the risks and delays of a renovation project.
• Home automation is a "massive headache". "People with money already went through home automation 20 years ago," says Desjardins. When the technology became obsolete, they were stuck with systems that no longer function. "People want something relatively analogue that works."
• Security without a fortress look. Rather than armed personnel, buyers want private chauffeurs with defensive training — indistinguishable, driving a Toyota rather than a Range Rover.

What This Means for New Launch Buyers

For most of us, a S$465 million search budget is not the reality — but the buying discipline behind it absolutely is. The ultra-rich compare relentlessly, they understand exactly what they're paying for, and they refuse to overpay. The same approach should apply to a new launch purchase.

Some of the features UHNW buyers insist on in super-prime towers — excellent security, private lift access, low density per floor, well-designed layouts, and prime but quiet neighbourhoods — are the very features that hold resale value best in any market. When you're evaluating a new launch like Thomson Reserve in Upper Thomson, those are the boxes worth checking: connectivity, school belts, surrounding greenery, and the quality of the development itself.

And on the fengshui point — the #1 deal-breaker among the ultra-rich — location and environment matter more than most buyers realise. A home that sits well in its surroundings, with good light, air and flow, is the same home that will always have buyers.

My Take — 18 Years in the Market

If you're weighing a new launch, a resale, or even a landed home, the ultra-rich buying patterns point to a simple truth: scarcity, privacy and location are what preserve value over time.

Source: The Business Times — How the ultra-rich buy property (brokers from Knight Frank, Savills and List Sotheby's International Realty, Aug 2026). This article is a commentary on the BT piece and is for general information only.