Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
In the luxury house industry, the prime non-landed segment saw an upsurge in activity in 1Q2025. According to a research study report by Huttons Asia, 72 luxurious condominium units transacted in 1Q2025, leaping 63.6% q-o-q matched up to the past quarter, and much higher 35.8% y-o-y. This is the greatest quarterly deluxe apartment sales quantity in two years, states Huttons.
The 72 condominium units were realized a complete value of $611.4 million, 64.2% higher than the previous quarter and 59.9% higher y-o-y. The bulk of the flats, or 64 units, were resale offers, while the remaining eight were brand-new units marketed by property developers.
Nevertheless, Huttons indicates that there is “little sign of distress” in the resale high-end condominium industry presently. Simultaneously, more brand-new properties may introduce in the upcoming months, which will cater to ultra-high-net-worth consumers, that continue to be positive in Singapore’s condition as a safe house.
The rise in high-end condo sales accompanied a higher variety of large-value bargains. According to Hutttons, 17 units were sold for $10 million or more in 1Q2025, similar to levels in 1Q2023 prior to cooling actions kicked into gear in April 2023. Amongst the 17 high-value offers, 12 were bought by foreigners and permanent residents (PRs).
In regards to outlook, even though activity in the luxury condominium market chose in 1Q2025, momentum has since eased a little, states Huttons. This happens on the back of market unpredictability following tariffs introduced by the US in April.
Huttons attributes the rental growth to a higher range of immigrants renting out upscale houses whilst awaiting the approval of their lifelong residency in Singapore. The necessity helped increase regular monthly leas for 3- 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, monthly rents four five-bedroom units dropped from over $30,000 last quarter to $18,667 in 1Q2025.
The luxury condominium rental market also grabbed in 1Q2025, with overall month to month rental fees based upon Huttons’ basket of high-end non-landed homes expanding 6.6% q-o-q to $14,672. This is 1.7% higher y-o-y.
For instance, 21 Anderson, Kheng Leong Co’s ultra-luxury estate flat in the Ardmore Park-Draycott Park-Anderson Road enclave, sold three units following its kick off in April for over $60 million in overall. All three are four-bedroom units of 4,489 sq ft, valued from $20.97 million ($4,672 psf) to beyond $23 million ($5,127 psf).
The greatest deluxe condo unit transaction in 1Q2025 was the revenue of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit fetched $38.89 million, or $6,593 psf. The purchase logged 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, states Huttons.
