Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The 72 apartment units were sold for a total worth of $611.4 million, 64.2% higher than the previous quarter and 59.9% higher y-o-y. The bulk of the condominiums, or 64 units, were resell prices, whilst the standing 8 were brand-new units offered by developers.
In the luxury home industry, the prime non-landed segment observed a rise in event in 1Q2025. According to a research report by Huttons Asia, 72 luxury flat units transacted in 1Q2025, jumping 63.6% q-o-q contrasted to the previous quarter, and much higher 35.8% y-o-y. This is the highest quarterly luxury condo sales volume in two years, states Huttons.
In terms of outlook, even though activity in the luxury condominium market chose in 1Q2025, traction has actually since reduced a little, claims Huttons. This happens on the rear of market unpredictability adhering to tolls announced by the US in April.
The high-end condominium rental market also grabbed in 1Q2025, with total month to month rental fees based upon Huttons’ basket of high-end non-landed homes growing 6.6% q-o-q to $14,672. This is 1.7% higher y-o-y.
Nonetheless, Huttons mentions that there is “little sign of distress” in the resale luxury condo market at the moment. Simultaneously, even more brand-new plans may introduce in the upcoming months, which will serve ultra-high-net-worth people, who continue to be certain in Singapore’s status as a safe house.
The leading luxury flat arrangement in 1Q2025 was the purchase of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit fetched $38.89 million, or $6,593 psf. The deal register the second-highest psf-price ever registered for a condo unit in Singapore, marginally below the $6,650 psf paid for a unit at The Marq on Paterson Hill in 2011. The Park Nova penthouse was bought by a PR, says Huttons.
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The surge in high-end apartment purchases accompanied a higher variety of large-value deals. According to Hutttons, 17 units were sold for $10 million or even more in 1Q2025, comparable to levels in 1Q2023 prior to moderating actions kicked right into gear in April 2023. Among the 17 high-value deals, 12 were bought by immigrants and permanent residents (PRs).
For example, 21 Anderson, Kheng Leong Co’s ultra-luxury estate residence in the Ardmore Park-Draycott Park-Anderson Roadway enclave, offered three units following its kick off in April for over $60 million in total amount. All 3 are four-bedroom units of 4,489 sq ft, priced from $20.97 million ($4,672 psf) to more than $23 million ($5,127 psf).
Huttons associates the rental development to a better amount of foreigners renting high-end homes whilst awaiting the approval of their long-term residency in Singapore. The demand helped increase monthly rents for 3- and four-bedroom units, which increased 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, each. On the other side, month-to-month leas four five-bedroom units fell from over $30,000 last quarter to $18,667 in 1Q2025.
