Prime non-landed residential sales pick up in 1H2024, but market remains uncertain: Knight Frank
The top best non-landed home proceeding 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 ground changed hands at $47.3 million, or $6,100 psf. The unit was purchased by an immigrant of an undetermined race, based on caveats lodged.
Muted foreign investor demand is expected to continue evaluating on the high-end condo industry, Knight Frank’s Keong notes. At the same time, Singaporean home buyers are additionally emerging as much more discerning with their hunt for deluxe residences.
As a result, sellers in the secondary market place might be under pressure to change price requirements down to prevailing market levels. Keong anticipates the rise in prime non-landed home rates to be between -1% and 2% for the whole year.
The lack of overseas buyers has also contributed to plateauing prices, with average prime non-landed home rates seeing only a minimal half-yearly increase of 0.9% to $2,339 psf in 1H2024, from $2,319 psf in 2H2023. This is also 10.9% less than the average cost of $2,652 psf in 1H2023.
Nonetheless, the high added purchaser’s stamp responsibility fees have actually remained reduce demand from overseas shoppers. This has led to the prime residential industry charting 2 continuous half-yearly periods where overall sales price was a lot less than $1 billion.
Other deals that brought in the leading five based on cost quantum in the same duration 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 cost at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Road, 2 units shifted hands in January for $16.5 million each.
Best non-landed residences observed a half-yearly increase of 28.2% in profits market value, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 prime non-landed residential report.
This accompanies a surge in luxury condominium purchase quantity from 72 deals in 2H2023 to 98 exchange 1H2024. The rise in deals was mostly incited by buyers wanting family-sized, ready-to-move-in units primarily for very own stay, Knight Frank’s head of residence and private workplace Nicholas Keong notes.
