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

The absence of foreign buyers has also contributed to plateauing prices, with average prime non-landed home rates observing 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% lower than the average rate of $2,652 psf in 1H2023.

However, the high added buyer’s stamp duty charges have actually remained subdue demand from foreign purchasers. This has actually resulted in the prime housing market charting 2 continuous semiannual durations where total sales value was less than $1 billion.

Klimt Cairnhill price

Muted international investor need is anticipated to continue weighing on the luxury condominium market, Knight Frank’s Keong notes. At the same time, Singaporean home buyers are in addition turning into a lot more careful with their search for high-end properties.

This accompanies a surge in luxury condominium transaction volume from 72 offers in 2H2023 to 98 deals in 1H2024. The increase in transactions was largely fuelled by purchasers wanting family-sized, ready-to-move-in units mainly for own stay, Knight Frank’s head of non commercial and private office Nicholas Keong notes.

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 Street in Tanjong Pagar. The 7,761 sq ft penthouse on the 57th floor changed hands at $47.3 million, or $6,100 psf. The unit was gotten by an immigrant of an undetermined race, based upon caveats lodged.

Because of this, sellers in the secondary market might be under pressure to change cost requirements down to prevailing market levels. Keong anticipates the boost in prime non-landed home rates to be within -1% and 2% for the entire year.

Some other deals that made the top five based on price quantum in the same period were 2 new sales at the 14-unit 32 Gilstead off Newton Road and Dunearn Road. The units were both marketed in April and cost at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Streets, 2 units switched hands in January for $16.5 million each.

Best non-landed residences 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 non commercial report.

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