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

The top prime non-landed home proceeding 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 ground shifted hands at $47.3 million, or $6,100 psf. The unit was purchased by a foreigner of an undetermined nationality, based upon caveats lodged.

The shortage of overseas buyers has also added to plateauing prices, with average prime non-landed home rates seeing just a limited 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 average cost of $2,652 psf in 1H2023.

Muted foreign client need is expected to proceed evaluating on the high-end condo industry, Knight Frank’s Keong notes. At the same time, Singaporean home investors are also emerging as a lot more careful in their search for deluxe residences.

Other purchases that made the top five based on cost quantum in the same duration were two brand-new sales at the 14-unit 32 Gilstead off Newton Road and Dunearn Road. The units were each marketed in April and priced 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.

Nevertheless, the high added home buyer’s stamp responsibility charges have continued to suppress interest from foreign customers. This has caused the prime residence industry charting 2 consecutive half-yearly durations where complete sales price was much 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 top non-landed non commercial record.

Lentor Mansion condominium

This coincides with an increase in luxury condominium transaction volume from 72 offers in 2H2023 to 98 exchange 1H2024. The rise in transactions was largely sustained by buyers seeking family-sized, ready-to-move-in units mostly for very own stay, Knight Frank’s head of residential and exclusive office Nicholas Keong marks.

As a result, home sellers in the secondary market may be under the gun to change price assumptions to prevailing market levels. Keong anticipates the increase in prime non-landed home rates to remain in between -1% and 2% for the entire year.


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