Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The surge in high-end condominium deals coincided with a higher variety of large-value offers. According to Hutttons, 17 units were sold for $10 million or more in 1Q2025, similar to levels in 1Q2023 prior to moderating actions kicked into gear in April 2023. Amongst the 17 high-value deals, 12 were acquired by immigrants and permanent residents (PRs).
For example, 21 Anderson, Kheng Leong Co’s ultra-luxury estate flat in the Ardmore Park-Draycott Park-Anderson Roadway territory, marketed three units following its launch in April for over $60 million in total amount. All 3 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 luxury condo rental market also got in 1Q2025, with general monthly rental fees based upon Huttons’ basket of high-end non-landed homes growing 6.6% q-o-q to $14,672. This is 1.7% higher y-o-y.
Nevertheless, Huttons mentions that there is “little indicator of suffering” in the reselling upscale condo market at the moment. At the same time, more brand-new projects may introduce in the coming months, that will certainly cater to ultra-high-net-worth people, who remain confident in Singapore’s condition as a safe house.
In the luxury home industry, the prime non-landed sector viewed an upsurge in event in 1Q2025. According to a research record by Huttons Asia, 72 luxury condominium units transacted in 1Q2025, leaping 63.6% q-o-q contrasted to the previous quarter, and higher 35.8% y-o-y. This is the greatest quarterly high-end apartment sales volume in 2 years, says Huttons.
The largest deluxe condo unit deal in 1Q2025 was the revenue of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit yielded $38.89 million, or $6,593 psf. The transaction register the second-highest psf-price ever registered for a condominium 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 acquired by a PR, states Huttons.
Norwood Grand City Developments Limited
The 72 condo units were sold for a total value of $611.4 million, 64.2% more than the past quarter and 59.9% higher y-o-y. The bulk of the condominiums, or 64 units, were resale prices, whilst the standing 8 were new units offered by property developers.
In terms of outlook, while activity in the luxury condominium market picked in 1Q2025, momentum has actually since eased a little, claims Huttons. This comes on the back of market uncertainty complying with tolls introduced by the US in April.
Huttons attributes the rental growth to a higher number of foreigners leasing luxury homes whilst waiting on the authorization of their lifelong residency in Singapore. The interest helped increase monthly leas for 3- and four-bedroom units, that increased 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, respectively. On the flip side, regular monthly leas four five-bedroom units dropped from over $30,000 last quarter to $18,667 in 1Q2025.
