Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
In the luxury home industry, the top non-landed sector viewed an upsurge in activity in 1Q2025. According to a research study record by Huttons Asia, 72 luxury condominium units transacted in 1Q2025, leaping 63.6% q-o-q contrasted to the past quarter, and much higher 35.8% y-o-y. This is the greatest quarterly deluxe apartment sales volume in 2 years, claims Huttons.
The 72 condominium units were realized a full worth of $611.4 million, 64.2% higher than the last quarter and 59.9% higher y-o-y. The bulk of the condominiums, or 64 units, were reselling offers, while the remaining 8 were new units offered by property developers.
The increase in luxury condo deals accompanied a higher variety of large-value bargains. According to Hutttons, 17 units were sold for $10 million or even more in 1Q2025, comparable to levels in 1Q2023 before cooling measures kicked right into gear in April 2023. Among the 17 high-value offers, 12 were bought by immigrants and permanent residents (PRs).
The largest luxury condo unit deal in 1Q2025 was the revenue of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit obtained $38.89 million, or $6,593 psf. The deal register the second-highest psf-price ever registered for an apartment unit in Singapore, somewhat lower 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, says Huttons.
Nevertheless, Huttons indicates that there is “little sign of suffering” in the resale high-end condominium industry currently. At the same time, more new projects might launch in the following months, that will certainly cater to ultra-high-net-worth people, that remain certain in Singapore’s standing as a safe haven.
The high-end condominium rental market also picked up in 1Q2025, with overall month to month leas based on Huttons’ basket of luxury non-landed homes growing 6.6% q-o-q to $14,672. This is 1.7% higher y-o-y.
In regards to overview, while activity in the luxury condominium market picked in 1Q2025, force has actually since reduced somewhat, says Huttons. This happens on the rear of market unpredictability adhering to tariffs announced by the US in April.
As an example, 21 Anderson, Kheng Leong Co’s ultra-luxury freehold flat in the Ardmore Park-Draycott Park-Anderson Roadway territory, offered 3 units following its launch 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 around $23 million ($5,127 psf).
Huttons associates the rental development to a better range of foreigners leasing upscale homes while waiting on the authorization of their long-term residency in Singapore. The demand helped boost regular monthly leas for three- and four-bedroom units, that rose 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, respectively. On the other side, month-to-month rental payments four five-bedroom units fell from over $30,000 last quarter to $18,667 in 1Q2025.
