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

The absence of offshore buyers has also added to plateauing prices, with typical prime non-landed home costs observing only a marginal 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 standard rate of $2,652 psf in 1H2023.

Because of this, home sellers in the secondary market place may be under the gun to adjust cost expectations to prevailing market levels. Keong expects the increase in prime non-landed home prices to remain within -1% and 2% for the entire year.

Lentor Hills Residences condo price

This coincides with a surge in luxury condominium purchase quantity from 72 offers in 2H2023 to 98 deals in 1H2024. The rise in transactions was mostly incited by buyers seeking family-sized, ready-to-move-in units mostly for own stay, Knight Frank’s head of residence and private office space Nicholas Keong notes.

Different transactions that made the top 5 based on rate quantum in the same time frame were two brand-new sales at the 14-unit 32 Gilstead off Newton Roadway and Dunearn Street. The units were both marketed in April and valued at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Road, two units changed controls in January for $16.5 million each.

Top non-landed residences viewed a half-yearly boost of 28.2% in profits value, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 top non-landed residential information.

Muted international client need is expected to proceed weighing on the high-end condominium industry, Knight Frank’s Keong notes. At the same time, Singaporean home investors are additionally emerging as more selective with their browse for luxury houses.

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

However, the high added purchaser’s stamp responsibility rates have actually remained suppress interest from offshore shoppers. This has resulted in the prime residential industry charting 2 consecutive half-yearly periods where overall sales value was a lot less than $1 billion.

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