Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The increase in high-end condo purchases accompanied a greater variety of large-value bargains. According to Hutttons, 17 units were sold for $10 million or even more in 1Q2025, comparable to levels in 1Q2023 prior to cooling actions kicked right into gear in April 2023. Among the 17 high-value bargains, 12 were bought by foreigners and permanent residents (PRs).
In the high-end home industry, the prime non-landed segment observed a rise in activity in 1Q2025. According to a research study report by Huttons Asia, 72 high-end flat units worked out a deal in 1Q2025, leaping 63.6% q-o-q matched up to the past quarter, and much higher 35.8% y-o-y. This is the highest quarterly high-end condo sales quantity in two years, claims Huttons.
The 72 apartment units were brought a total value of $611.4 million, 64.2% higher than the last quarter and 59.9% higher y-o-y. The bulk of the flats, or 64 units, were resale deals, while the remaining 8 were new units marketed by developers.
Nevertheless, Huttons indicates that there is “little sign of trouble” in the resale luxury apartment market currently. Simultaneously, more new plans may introduce in the following months, that will serve ultra-high-net-worth people, who remain positive in Singapore’s status as a safe haven.
Huttons associates the rental growth to a higher number of foreigners renting luxury homes while awaiting the authorization of their lifelong residency in Singapore. The necessity helped enhance month-to-month rental fees for 3- and four-bedroom units, that rose 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, specifically. On the flip side, monthly leas four five-bedroom units dropped from over $30,000 last quarter to $18,667 in 1Q2025.
In regards to overview, although activity in the luxury apartment market picked in 1Q2025, force has actually since eased slightly, claims Huttons. This appears on the back of market uncertainty adhering to tolls revealed by the US in April.
The leading high-end condo transaction in 1Q2025 was the sale of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit fetched $38.89 million, or $6,593 psf. The purchase logged the second-highest psf-price ever registered for a condo unit in Singapore, somewhat lesser the $6,650 psf paid for a unit at The Marq on Paterson Hill in 2011. The Park Nova penthouse was bought by a PR, states Huttons.
The deluxe condo rental market also grabbed in 1Q2025, with total every month rental fees based upon Huttons’ basket of high-end non-landed homes expanding 6.6% q-o-q to $14,672. This is 1.7% greater y-o-y.
As an example, 21 Anderson, Kheng Leong Co’s ultra-luxury freehold condo in the Ardmore Park-Draycott Park-Anderson Road enclave, sold three units following its debut in April for over $60 million in overall. All three are four-bedroom units of 4,489 sq ft, valued from $20.97 million ($4,672 psf) to around $23 million ($5,127 psf).
