Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The largest high-end condo unit agreement in 1Q2025 was the revenue of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit brought $38.89 million, or $6,593 psf. The purchase logged the second-highest psf-price ever registered for a condominium unit in Singapore, marginally below the $6,650 psf paid for a unit at The Marq on Paterson Hill in 2011. The Park Nova penthouse was purchased by a PR, states Huttons.
In terms of expectation, while activity in the luxury apartment market chose in 1Q2025, force has actually since eased a little, states Huttons. This appears on the rear of industry unpredictability complying with tolls introduced by the US in April.
The luxury condominium rental market also picked up in 1Q2025, with general every month leas based upon Huttons’ basket of luxury non-landed homes expanding 6.6% q-o-q to $14,672. This is 1.7% higher y-o-y.
In the luxury home industry, the prime non-landed segment saw an upsurge in activity in 1Q2025. According to a research report by Huttons Asia, 72 luxurious flat units transacted in 1Q2025, jumping 63.6% q-o-q contrasted to the last quarter, and much higher 35.8% y-o-y. This is the highest possible quarterly high-end condo sales quantity in 2 years, states Huttons.
The increase in high-end condo transactions coincided with a higher variety of large-value bargains. According to Hutttons, 17 units were sold for $10 million or even more in 1Q2025, similar to levels in 1Q2023 prior to cooling actions kicked into gear in April 2023. Among the 17 high-value offers, 12 were bought by immigrants and permanent residents (PRs).
Nonetheless, Huttons mentions that there is “little indicator of distress” in the reselling expensive condominium market at the moment. At the same time, more brand-new properties might introduce in the coming months, that will serve ultra-high-net-worth people, who remain positive in Singapore’s status as a safe haven.
The 72 condominium units were realized a full value of $611.4 million, 64.2% more than the past quarter and 59.9% higher y-o-y. The bulk of the flats, or 64 units, were resell offers, while the remaining eight were brand-new units offered by property developers.
Huttons attributes the rental development to a higher range of foreigners renting out upscale residences while waiting for the approval of their lifelong residency in Singapore. The demand helped improve month-to-month rental fees 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, respectively. On the flip side, monthly rental payments 4 five-bedroom units fell from over $30,000 last quarter to $18,667 in 1Q2025.
For instance, 21 Anderson, Kheng Leong Co’s ultra-luxury estate residence in the Ardmore Park-Draycott Park-Anderson Road enclave, marketed three units following its release in April for over $60 million in total. All 3 are four-bedroom units of 4,489 sq ft, valued from $20.97 million ($4,672 psf) to beyond $23 million ($5,127 psf).
