Prime non-landed residential sales pick up in 1H2024, but market remains uncertain: Knight Frank

The top 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 level switched hands at $47.3 million, or $6,100 psf. The unit was purchased by an immigrant of an undefined nationality, based on caveats lodged.

Nevertheless, the high additional home buyer’s stamp obligation rates have actually remained subdue interest from offshore purchasers. This has actually caused the prime residence market place charting two consecutive half-yearly durations where overall sales worth was a lot less than $1 billion.

Top non-landed residences saw a half-yearly rise of 28.2% in revenues worth, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 top non-landed housing report.

Different deals that brought in the leading 5 based on cost quantum in the same time frame were 2 new sales at the 14-unit 32 Gilstead off Newton Road and Dunearn Street. The units were each sold in April and valued 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.

Muted overseas investor need is anticipated to continue evaluating on the deluxe condo market, Knight Frank’s Keong notes. At the same time, Singaporean home investors are also turning into extra selective in their search for high-end homes.

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The absence of foreign buyers has also contributed to plateauing prices, with regular prime non-landed home prices 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% less than the typical price of $2,652 psf in 1H2023.

Therefore, dealers in the secondary market place may be under the gun to adjust rate assumptions to dominating market levels. Keong expects the boost in prime non-landed home rates to be within -1% and 2% for the whole year.

This accompanies an increase in high-end condo deal volume from 72 offers in 2H2023 to 98 deals in 1H2024. The surge in transactions was mainly sustained by purchasers seeking family-sized, ready-to-move-in units mostly for very own stay, Knight Frank’s head of residential and private office space Nicholas Keong marks.

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