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

This accompanies a rise in high-end condo transaction quantity from 72 deals in 2H2023 to 98 deals in 1H2024. The surge in purchases was greatly sustained by customers wanting family-sized, ready-to-move-in units mostly for own stay, Knight Frank’s head of non commercial and exclusive workplace Nicholas Keong notes.

Muted overseas buyer need is anticipated to continue weighing on the deluxe condominium industry, Knight Frank’s Keong notes. At the same time, Singaporean home investors are also emerging as more discerning in their search for deluxe houses.

Some other transactions that made the leading 5 based on cost quantum in the same period were two new sales at the 14-unit 32 Gilstead off Newton Roadway and Dunearn Street. The units were each offered in April and valued at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Streets, two units changed controls in January for $16.5 million each.

Therefore, sellers in the secondary market place might be under pressure to readjust rate requirements to dominating market levels. Keong expects the increase in prime non-landed home costs to remain within -1% and 2% for the whole year.

Nevertheless, the high extra purchaser’s stamp duty charges have remained subdue demand from international shoppers. This has caused the prime housing market place charting 2 succeeding semiannual durations where complete sales price was less than $1 billion.

Prime non-landed residences observed a half-yearly boost of 28.2% in revenues worth, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 prime non-landed non commercial information.

One Sophia showflat location

The absence of offshore buyers has actually also added to plateauing costs, with regular prime non-landed home rates seeing just a marginal half-yearly increase of 0.9% to $2,339 psf in 1H2024, from $2,319 psf in 2H2023. This is similarly 10.9% less than the common rate of $2,652 psf in 1H2023.

The leading best non-landed home sale in 1H2024 was the sale of a penthouse at the 190-unit Skywaters Residences at 1 Prince Edward Street in Tanjong Pagar. The 7,761 sq ft penthouse on the 57th floor changed hands at $47.3 million, or $6,100 psf. The unit was acquired by a foreigner of an unspecified citizenship, based upon caveats lodged.


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