Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The leading high-end condo transaction in 1Q2025 was the purchase of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit obtained $38.89 million, or $6,593 psf. The transaction register the second-highest psf-price ever registered for a condo 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.
Huttons associates the rental development to a higher number of immigrants renting upscale houses whilst waiting on the authorization of their lifelong residency in Singapore. The necessity helped enhance month-to-month rental fees for 3- and four-bedroom units, that increased 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, specifically. On the other hand, month-to-month rental payments 4 five-bedroom units fell from over $30,000 last quarter to $18,667 in 1Q2025.
The luxury condo rental market also picked up in 1Q2025, with total every month leas based on Huttons’ basket of deluxe non-landed homes growing 6.6% q-o-q to $14,672. This is 1.7% greater y-o-y.
In the high-end housing market, the top non-landed sector viewed a rise in event in 1Q2025. According to a research study report by Huttons Asia, 72 luxury flat units worked out a deal in 1Q2025, jumping 63.6% q-o-q matched up to the past quarter, and much higher 35.8% y-o-y. This is the highest quarterly deluxe apartment sales volume in 2 years, states Huttons.
For instance, 21 Anderson, Kheng Leong Co’s ultra-luxury property residence in the Ardmore Park-Draycott Park-Anderson Road enclave, offered 3 units following its kick off in April for over $60 million in total. All 3 are four-bedroom units of 4,489 sq ft, priced from $20.97 million ($4,672 psf) to beyond $23 million ($5,127 psf).
The rise in luxury condo purchases coincided with a higher number of large-value offers. According to Hutttons, 17 units were sold for $10 million or more in 1Q2025, comparable to levels in 1Q2023 before moderating steps kicked into gear in April 2023. Amongst the 17 high-value bargains, 12 were acquired by foreigners and permanent residents (PRs).
The 72 condominium units were realized a full worth of $611.4 million, 64.2% higher than the previous quarter and 59.9% higher y-o-y. The bulk of the condominiums, or 64 units, were resell deals, whilst the remaining eight were new units offered by developers.
Nevertheless, Huttons mentions that there is “little indicator of distress” in the reselling luxury condominium market currently. Simultaneously, even more new plans might introduce in the forthcoming months, that will certainly cater to ultra-high-net-worth consumers, who stay certain in Singapore’s condition as a safe house.
In terms of outlook, even though activity in the luxury condominium market picked in 1Q2025, momentum has actually since eased slightly, says Huttons. This happens on the rear of industry unpredictability complying with tolls revealed by the US in April.
