Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The high-end condominium rental market also got in 1Q2025, with total monthly leas based on 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.
The increase in deluxe condo transactions accompanied a higher variety of large-value offers. According to Hutttons, 17 units were sold for $10 million or more in 1Q2025, similar to levels in 1Q2023 prior to moderating steps kicked right into gear in April 2023. Amongst the 17 high-value offers, 12 were acquired by immigrants and permanent residents (PRs).
The largest luxury condo unit arrangement in 1Q2025 was the sale of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit yielded $38.89 million, or $6,593 psf. The deal logged the second-highest psf-price ever registered for a condo unit in Singapore, marginally lower 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, states Huttons.
In the upscale house industry, the prime non-landed sector saw a rise in event in 1Q2025. According to a research report by Huttons Asia, 72 luxurious condo units transacted in 1Q2025, jumping 63.6% q-o-q contrasted to the previous quarter, and higher 35.8% y-o-y. This is the highest quarterly high-end condominium sales quantity in 2 years, states Huttons.
Nonetheless, Huttons indicates that there is “little sign of distress” in the reselling high-end condo industry currently. At the same time, even more brand-new plans might release in the following months, which will certainly suit ultra-high-net-worth individuals, who stay certain in Singapore’s condition as a safe house.
Bloomsbury Residences showflat location
Huttons associates the rental growth to a higher range of foreigners renting high-end houses while waiting on the authorization of their permanent residency in Singapore. The interest helped improve monthly leas for 3- and four-bedroom units, that increased 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, each. On the flip side, regular monthly rents 4 five-bedroom units fell from over $30,000 last quarter to $18,667 in 1Q2025.
The 72 condo units were sold for a full worth of $611.4 million, 64.2% higher than the previous quarter and 59.9% higher y-o-y. The bulk of the flats, or 64 units, were resale deals, whilst the remaining 8 were new units marketed by developers.
In regards to outlook, while activity in the luxury condominium market picked in 1Q2025, momentum has actually since reduced somewhat, claims Huttons. This appears on the rear of industry uncertainty following tolls announced by the US in April.
For example, 21 Anderson, Kheng Leong Co’s ultra-luxury property condo in the Ardmore Park-Draycott Park-Anderson Roadway territory, sold 3 units following its release in April for over $60 million in overall. All three are four-bedroom units of 4,489 sq ft, priced from $20.97 million ($4,672 psf) to beyond $23 million ($5,127 psf).
