Prime non-landed residential sales pick up in 1H2024, but market remains uncertain: Knight Frank
This coincides with a surge in luxury apartment purchase volume from 72 offers in 2H2023 to 98 exchange 1H2024. The surge in transactions was mainly fuelled by customers wanting family-sized, ready-to-move-in units mostly for very own stay, Knight Frank’s head of residential and private workplace Nicholas Keong notes.
Therefore, home sellers in the secondary market may be under the gun to adjust rate expectations down to dominating market levels. Keong expects the boost in prime non-landed home rates to remain within -1% and 2% for the whole year.
Muted overseas client demand is anticipated to carry on evaluating on the deluxe condo market, Knight Frank’s Keong notes. At the same time, Singaporean home investors are additionally turning into much more selective with their search for deluxe residences.
The absence of overseas buyers has actually also added to plateauing prices, with average prime non-landed home prices seeing only a limited 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 cost of $2,652 psf in 1H2023.
Nevertheless, the high extra home buyer’s stamp responsibility fees have actually remained subdue interest from international customers. This has actually led to the prime housing industry charting 2 continuous half-yearly durations where complete sales price was a lot less than $1 billion.
The top best non-landed home sale 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 ground shifted hands at $47.3 million, or $6,100 psf. The unit was bought by an immigrant of an undetermined nationality, based on caveats lodged.
Top non-landed homes viewed a half-yearly rise 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 non commercial information.
Different transactions that made the top 5 based on rate quantum in the same duration were two new sales at the 14-unit 32 Gilstead off Newton Road and Dunearn Street. The units were each offered in April and priced at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Streets, two units shifted controls in January for $16.5 million each.
