Prime non-landed residential sales pick up in 1H2024, but market remains uncertain: Knight Frank
The leading best non-landed home sale 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 ground changed hands at $47.3 million, or $6,100 psf. The unit was bought by a foreigner of an unspecified citizenship, based on caveats lodged.
The absence of offshore buyers has also contributed to plateauing prices, with average prime non-landed home rates viewing only a low half-yearly rise of 0.9% to $2,339 psf in 1H2024, from $2,319 psf in 2H2023. This is also 10.9% lower than the common rate of $2,652 psf in 1H2023.
Nevertheless, the high extra purchaser’s stamp responsibility charges have remained to suppress interest from overseas customers. This has resulted in the prime residence market charting two continuous half-yearly periods where overall sales worth was much less than $1 billion.
This coincides with a surge in deluxe condo purchase volume from 72 deals in 2H2023 to 98 exchange 1H2024. The increase in transactions was mostly sustained by purchasers looking for family-sized, ready-to-move-in units mostly for own stay, Knight Frank’s head of non commercial and exclusive workplace Nicholas Keong notes.
Muted international buyer need is expected to proceed weighing on the deluxe condo market, Knight Frank’s Keong notes. At the same time, Singaporean home buyers are in addition becoming much more selective in their look for luxury properties.
Prime non-landed homes viewed a half-yearly rise of 28.2% in profits value, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 prime non-landed non commercial record.
The Hill @ One North Singapore
Therefore, home sellers in the secondary market might be under the gun to readjust rate expectations down to dominating market levels. Keong anticipates the increase in prime non-landed home costs to be within -1% and 2% for the entire year.
Different deals that made the leading 5 based on price 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 offered in April and priced at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Road, two units switched controls in January for $16.5 million each.