Prime non-landed residential sales pick up in 1H2024, but market remains uncertain: Knight Frank
Best non-landed houses observed a half-yearly boost of 28.2% in revenues value, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 prime non-landed non commercial information.
Muted overseas buyer interest is expected to carry on weighing on the deluxe condominium market, Knight Frank’s Keong notes. At the same time, Singaporean home clients are additionally turning into a lot more discerning in their browse for high-end homes.
Therefore, sellers in the secondary market place might be struggling to readjust cost requirements down to prevailing market levels. Keong anticipates the rise in prime non-landed home prices to remain within -1% and 2% for the whole year.
Nevertheless, the high added purchaser’s stamp obligation rates have continued to suppress interest from offshore customers. This has actually caused the prime housing market charting two consecutive semiannual periods where total sales price was much less than $1 billion.
The top prime non-landed home proceeding 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 level shifted hands at $47.3 million, or $6,100 psf. The unit was bought by a foreigner of an unspecified race, based on caveats lodged.
The lack of offshore buyers has also contributed to plateauing prices, with regular prime non-landed home rates observing just a marginal half-yearly boost of 0.9% to $2,339 psf in 1H2024, from $2,319 psf in 2H2023. This is even 10.9% lower than the typical rate of $2,652 psf in 1H2023.
This coincides with a rise in high-end condo deal volume from 72 offers in 2H2023 to 98 deals in 1H2024. The rise in purchases was mostly sustained by purchasers wanting family-sized, ready-to-move-in units mostly for very own stay, Knight Frank’s head of non commercial and exclusive workplace Nicholas Keong notes.
Other transactions that made the leading five based on cost quantum in the same duration were two new sales at the 14-unit 32 Gilstead off Newton Roadway and Dunearn Road. The units were each sold in April and priced at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Road, 2 units changed controls in January for $16.5 million each.
