Prime non-landed residential sales pick up in 1H2024, but market remains uncertain: Knight Frank

The shortage of foreign buyers has actually also contributed to plateauing costs, with typical prime non-landed home rates seeing just a marginal half-yearly boost of 0.9% to $2,339 psf in 1H2024, from $2,319 psf in 2H2023. This is also 10.9% less than the common price of $2,652 psf in 1H2023.

As a result, sellers in the secondary market place might be struggling to readjust rate requirements down to prevailing market levels. Keong expects the increase in prime non-landed home costs to be within -1% and 2% for the whole year.

The top best non-landed home transaction in 1H2024 was the sale of a penthouse at the 190-unit Skywaters Residences at 1 Prince Edward Road in Tanjong Pagar. The 7,761 sq ft penthouse on the 57th ground switched hands at $47.3 million, or $6,100 psf. The unit was purchased by a foreigner of an unspecified race, based on caveats lodged.

Some other deals that made the top five based on cost quantum in the same duration were two new sales at the 14-unit 32 Gilstead off Newton Road and Dunearn Street. The units were both marketed in April and cost at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Road, two units changed hands in January for $16.5 million each.

Nonetheless, the high added buyer’s stamp responsibility rates have continued to reduce demand from international buyers. This has resulted in the prime housing market charting 2 consecutive half-yearly durations where overall sales cost was much less than $1 billion.

Marina View Residences floor plan

Muted international client interest is anticipated to carry on evaluating on the deluxe condominium industry, Knight Frank’s Keong notes. At the same time, Singaporean home investors are also turning into much more careful with their search for high-end residences.

Best non-landed houses observed a half-yearly rise of 28.2% in sales market value, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 top non-landed housing record.

This accompanies an increase in deluxe condo purchase quantity from 72 deals in 2H2023 to 98 exchange 1H2024. The surge in transactions was greatly sustained by customers looking for family-sized, ready-to-move-in units mainly for very own stay, Knight Frank’s head of non commercial and private office space Nicholas Keong notes.

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