Prime non-landed residential sales pick up in 1H2024, but market remains uncertain: Knight Frank
The absence of foreign buyers has actually also contributed to plateauing rates, with typical prime non-landed home rates viewing just a limited half-yearly boost of 0.9% to $2,339 psf in 1H2024, from $2,319 psf in 2H2023. This is also 10.9% less than the average price of $2,652 psf in 1H2023.
Best non-landed houses viewed a half-yearly increase of 28.2% in revenues value, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 top non-landed residential record.
Nonetheless, the high extra home buyer’s stamp responsibility fees have remained suppress interest from foreign shoppers. This has led to the prime residential market charting two continuous semiannual durations where total sales cost was less than $1 billion.
Therefore, dealers in the secondary market place might be under the gun to readjust price expectations down to dominating market levels. Keong expects the increase in prime non-landed home costs to be between -1% and 2% for the entire year.
Muted foreign client demand is anticipated to carry on 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 careful in their browse for luxury homes.
This coincides with a surge in luxury condominium transaction volume from 72 offers in 2H2023 to 98 deals in 1H2024. The surge in transactions was mostly incited by customers wanting family-sized, ready-to-move-in units mostly for very own stay, Knight Frank’s head of non commercial and private office Nicholas Keong marks.
Some other transactions that made the leading 5 based on cost quantum in the same time frame were two brand-new sales at the 14-unit 32 Gilstead off Newton Road and Dunearn Street. The units were both sold in April and priced at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Streets, 2 units shifted controls in January for $16.5 million each.
The top best non-landed home transaction in 1H2024 was the sale of a penthouse at the 190-unit Skywaters Properties at 1 Prince Edward Road in Tanjong Pagar. The 7,761 sq ft penthouse on the 57th level changed hands at $47.3 million, or $6,100 psf. The unit was purchased by an immigrant of an unspecified citizenship, based upon caveats lodged.
