Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The high-end apartment rental market also got in 1Q2025, with general monthly leas based upon Huttons’ basket of luxury non-landed homes growing 6.6% q-o-q to $14,672. This is 1.7% higher y-o-y.
In the upscale home industry, the top non-landed section observed a rise in event in 1Q2025. According to a research report by Huttons Asia, 72 high-end condominium units worked out a deal in 1Q2025, jumping 63.6% q-o-q matched up to the previous quarter, and much higher 35.8% y-o-y. This is the highest quarterly high-end condo sales quantity in two years, states Huttons.
Huttons attributes the rental development to a better range of immigrants renting out high-end houses whilst awaiting the authorization of their permanent residency in Singapore. The demand helped boost monthly rents for three- and four-bedroom units, that rose 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, specifically. On the other hand, monthly rents 4 five-bedroom units fell from over $30,000 last quarter to $18,667 in 1Q2025.
For example, 21 Anderson, Kheng Leong Co’s ultra-luxury freehold flat in the Ardmore Park-Draycott Park-Anderson Road territory, marketed three units following its kick off in April for over $60 million in overall. All 3 are four-bedroom units of 4,489 sq ft, valued from $20.97 million ($4,672 psf) to more than $23 million ($5,127 psf).
The largest luxury flat transaction in 1Q2025 was the revenue of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit obtained $38.89 million, or $6,593 psf. The transaction 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, says Huttons.
The rise in high-end condo sales coincided with a higher number of large-value bargains. According to Hutttons, 17 units were sold for $10 million or more in 1Q2025, comparable to levels in 1Q2023 before cooling actions kicked into gear in April 2023. Among the 17 high-value bargains, 12 were bought by immigrants and permanent residents (PRs).
Nonetheless, Huttons notes that there is “little indication of trouble” in the resale luxury condo industry currently. At the same time, more new properties might release in the forthcoming months, which will suit ultra-high-net-worth people, who continue to be confident in Singapore’s condition as a safe house.
In regards to overview, while activity in the luxury apartment market chose in 1Q2025, force has since reduced a little, says Huttons. This appears on the rear of industry unpredictability complying with tolls introduced by the US in April.
The 72 condo units were realized a total value of $611.4 million, 64.2% greater than the previous quarter and 59.9% higher y-o-y. The bulk of the flats, or 64 units, were resell deals, whereas the standing 8 were new units marketed by developers.
