Prime non-landed residential sales pick up in 1H2024, but market remains uncertain: Knight Frank
This accompanies a rise in deluxe condo purchase quantity from 72 deals in 2H2023 to 98 exchange 1H2024. The increase in transactions was largely sustained by buyers looking for family-sized, ready-to-move-in units mainly for own stay, Knight Frank’s head of residential and exclusive office Nicholas Keong marks.
Muted foreign client interest is anticipated to continue weighing on the luxury condo industry, Knight Frank’s Keong notes. At the same time, Singaporean home buyers are additionally turning into much more selective with their look for deluxe homes.
As a result, dealers in the secondary market place may be under pressure to change cost expectations to prevailing market levels. Keong expects the rise in prime non-landed home prices to be in between -1% and 2% for the entire year.
Nonetheless, the high added purchaser’s stamp duty rates have actually remained reduce demand from overseas buyers. This has actually led to the prime housing market charting 2 continuous semiannual periods where overall sales value was much less than $1 billion.
The top prime 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 ground shifted hands at $47.3 million, or $6,100 psf. The unit was gotten by a foreigner of an undetermined nationality, based on caveats lodged.
The absence of foreign buyers has actually also contributed to plateauing rates, with regular prime non-landed home prices viewing only a minimal half-yearly boost of 0.9% to $2,339 psf in 1H2024, from $2,319 psf in 2H2023. This is also 10.9% less than the typical rate of $2,652 psf in 1H2023.
Some other purchases that made the leading five based on price quantum in the same time frame were 2 new sales at the 14-unit 32 Gilstead off Newton Road and Dunearn Road. The units were both sold in April and valued at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Road, 2 units switched controls in January for $16.5 million each.
Prime non-landed homes saw a half-yearly increase of 28.2% in revenues market value, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 prime non-landed housing information.
