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 Road in Tanjong Pagar. The 7,761 sq ft penthouse on the 57th ground shifted hands at $47.3 million, or $6,100 psf. The unit was purchased by an immigrant of an undetermined citizenship, based on caveats lodged.

Muted offshore investor interest is expected to proceed weighing on the luxury apartment market, Knight Frank’s Keong notes. At the same time, Singaporean home clients are in addition becoming extra selective with their browse for luxury residences.

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Because of this, home sellers in the secondary market place might be under the gun to readjust rate requirements down to prevailing market levels. Keong anticipates the increase in prime non-landed home rates to be within -1% and 2% for the whole year.

Prime non-landed homes viewed a half-yearly rise of 28.2% in profits market value, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 prime non-landed residential record.

This accompanies a rise in luxury condo transaction quantity from 72 offers in 2H2023 to 98 deals in 1H2024. The increase in deals was greatly incited by buyers looking for family-sized, ready-to-move-in units primarily for very own stay, Knight Frank’s head of non commercial and nonpublic office Nicholas Keong marks.

Nevertheless, the high additional purchaser’s stamp obligation rates have actually remained subdue interest from foreign customers. This has actually caused the prime housing market place charting two succeeding semiannual periods where total sales worth was a lot less than $1 billion.

Different purchases that made the top 5 based on price quantum in the same time frame were 2 brand-new sales at the 14-unit 32 Gilstead off Newton Roadway and Dunearn Road. 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 Streets, two units changed controls in January for $16.5 million each.

The lack of foreign buyers has also contributed to plateauing costs, with regular prime non-landed home prices viewing just a minimal half-yearly increase of 0.9% to $2,339 psf in 1H2024, from $2,319 psf in 2H2023. This is similarly 10.9% lower than the typical price of $2,652 psf in 1H2023.

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