Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The 72 condo units were realized a full value of $611.4 million, 64.2% greater than the past quarter and 59.9% higher y-o-y. The bulk of the condos, or 64 units, were resell offers, whilst the standing 8 were new units marketed by developers.
The rise in luxury apartment transactions accompanied a greater number of large-value offers. According to Hutttons, 17 units were sold for $10 million or even more in 1Q2025, similar to levels in 1Q2023 before cooling actions kicked into gear in April 2023. Among the 17 high-value offers, 12 were acquired by foreigners and permanent residents (PRs).
The biggest high-end flat deal 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 deal logged the second-highest psf-price ever registered for an apartment unit in Singapore, marginally 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, says Huttons.
Nonetheless, Huttons indicates that there is “little indication of suffering” in the resale expensive apartment market presently. Simultaneously, more brand-new properties might release in the forthcoming months, which will serve ultra-high-net-worth individuals, who remain certain in Singapore’s condition as a safe haven.
As an example, 21 Anderson, Kheng Leong Co’s ultra-luxury freehold flat in the Ardmore Park-Draycott Park-Anderson Road enclave, marketed 3 units following its launch in April for over $60 million in overall. All three are four-bedroom units of 4,489 sq ft, priced from $20.97 million ($4,672 psf) to more than $23 million ($5,127 psf).
In regards to expectation, even though activity in the luxury condominium market picked in 1Q2025, momentum has since reduced a little, says Huttons. This comes on the rear of market uncertainty complying with tariffs introduced by the United States in April.
In the luxury home industry, the prime non-landed segment saw a rise in activity in 1Q2025. According to a research study record by Huttons Asia, 72 luxury flat units worked out a deal in 1Q2025, leaping 63.6% q-o-q contrasted to the past quarter, and much higher 35.8% y-o-y. This is the highest possible quarterly luxury condominium sales quantity in two years, states Huttons.
The luxury condominium rental market also got in 1Q2025, with general month to month leas based upon Huttons’ basket of luxury non-landed homes growing 6.6% q-o-q to $14,672. This is 1.7% higher y-o-y.
Huttons associates the rental development to a higher number of foreigners leasing luxury homes whilst awaiting the approval of their long-term residency in Singapore. The demand helped enhance month-to-month leas for three- and four-bedroom units, that climbed 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, each. On the flip side, month-to-month rents four five-bedroom units fell from over $30,000 last quarter to $18,667 in 1Q2025.
