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

Different purchases that brought in the leading 5 based on price quantum in the same time frame were 2 brand-new sales at the 14-unit 32 Gilstead off Newton Road and Dunearn Road. The units were each sold in April and valued at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Road, two units switched hands in January for $16.5 million each.

As a result, home sellers in the secondary market may be struggling to readjust rate assumptions down to prevailing market levels. Keong anticipates the rise in prime non-landed home rates to remain in between -1% and 2% for the entire year.

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Muted foreign investor interest is anticipated to carry on evaluating on the deluxe condominium industry, Knight Frank’s Keong notes. At the same time, Singaporean home clients are also emerging as much more selective in their hunt for deluxe residences.

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

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

The top prime 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 level switched hands at $47.3 million, or $6,100 psf. The unit was acquired by an immigrant of an unspecified race, based upon caveats lodged.

This coincides with an increase in high-end condo transaction quantity from 72 offers in 2H2023 to 98 exchange 1H2024. The surge in purchases was greatly fuelled by buyers wanting family-sized, ready-to-move-in units primarily for own stay, Knight Frank’s head of residence and nonpublic office Nicholas Keong marks.

However, the high added buyer’s stamp responsibility rates have actually continued to subdue interest from international buyers. This has actually resulted in the prime residence market charting two succeeding semiannual periods where overall sales worth was less than $1 billion.

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