Prime non-landed residential sales pick up in 1H2024, but market remains uncertain: Knight Frank
This accompanies a rise in deluxe condominium purchase quantity from 72 offers in 2H2023 to 98 deals in 1H2024. The rise in transactions was mainly fuelled by buyers looking for family-sized, ready-to-move-in units mostly for very own stay, Knight Frank’s head of residence and nonpublic office Nicholas Keong marks.
Prime non-landed houses saw a half-yearly increase of 28.2% in revenues value, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 prime non-landed non commercial information.
The lack of offshore buyers has also added to plateauing prices, with regular prime non-landed home prices viewing only a limited half-yearly rise of 0.9% to $2,339 psf in 1H2024, from $2,319 psf in 2H2023. This is even 10.9% less than the average rate of $2,652 psf in 1H2023.
The top best non-landed home proceeding 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 gotten by a foreigner of an undefined race, based upon caveats lodged.
As a result, dealers in the secondary market place may be struggling to adjust cost expectations down to dominating market levels. Keong expects the rise in prime non-landed home rates to be between -1% and 2% for the entire year.
The Arcady @ Boon Keng Singapore
Muted overseas buyer interest is expected to continue evaluating on the deluxe apartment market, Knight Frank’s Keong notes. At the same time, Singaporean home investors are additionally turning into much more discerning with their search for high-end homes.
Other deals that made the leading five based on rate quantum in the same period were two new sales at the 14-unit 32 Gilstead off Newton Road and Dunearn Road. The units were both 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 switched hands in January for $16.5 million each.
However, the high extra home buyer’s stamp duty fees have continued to reduce demand from offshore purchasers. This has actually led to the prime residence industry charting 2 continuous half-yearly periods where overall sales cost was a lot less than $1 billion.
