Luxury condo sales volume down 3.5% q-o-q in 3Q2024: Huttons Asia
The Good Class Bungalow (GCB) market additionally observed a pick-up in activity in 3Q2024. An approximated 12 GCBs were offered last quarter, up from eight GCBs in 2024. The bungalows sold in 3Q2024 fetched a total of $541.2 million, 80.9% greater q-o-q.
In the GCB leasing market, the leading service offer in 3Q2024 was for a GCB in Chatsworth Park that fetched a month-to-month rental fee of $120,000.
The deluxe condominium industry saw a decrease in revenues in 3Q2024, according to data collected by Huttons Asia. In its newest Prestige Report that monitors the premium residential market, the consultancy states a projected 55 high-end non-landed homes– which it defines as apartment units placed in the Core Central Region that are sizing from 2,000 sq ft and priced at $5 million and over– were offered in 3Q2024 for $407.7 million. This stands for a 3.5% downturn in transactions quantity and a 15.5% decline in sales worth matched up to the 57 high-end condominium units cost $482.5 million in 2Q2024.
On a y-o-y basis, deluxe condominium sales number is up 48.6% in 3Q2024, whilst sales value is up 37.8%. “Activities in the luxury non-landed homes market are back to the pre-cooling actions days,” claims Mark Yip, Chief Executive Officer of Huttons Asia.
The Arcady @ Boon Keng condo price
Yip sees that queries in the luxury condo market have actually raised, with many originating from newly-minted Long-term Residents (PRs) and residents who had gotten their PR or citizenship last year following the hike in ABSD. “A lot of them acquired a luxury non-landed home upon approved of their PR or citizenship,” he claims.
The biggest luxury condominium deal in 3Q2024 was the developer sale of a 4,198 sq ft unit at 32 Gilstead for $14.71 million ($3,505 psf). The property project on Gilstead Street by Kheng Leong Co additionally saw the 2nd and third-largest deals throughout the quarter. The units sold are both 4,209 sq ft houses that fetched $14.65 million ($3,480 psf) and $14.44 million ($3,432 psf) specifically in September.
Yip indicates that there were 8 high-end non-landed homes transacted at $10 million and above in 3Q2024, that is 2 less than the 10 offers visited the last quarter. “Nevertheless, there were some non-caveated arrangements like a five-bedroom unit in Hills (a freehold luxurious condo unit on Cairnhill Circle) which was said to be cost around $13 million,” he proceeds.
“As a result of the potential change to the tax standing of some 74,000 non-domiciled residents in the UK, some of these ultra-wealthy foreign residents might emigrate to secure their properties. The states present consist of Dubai, Italy, Singapore and Switzerland,” Yip discusses.
Looking ahead, Yip believes sale and rental deals for the high-end flat market could be greater in 4Q2024, generated by need from ultra-wealthy international locals in the UK finding to move ahead of suggested tax obligation reforms, involving the abolishment of a tax obligation program that provides concessions for people with offshore assets.
In the rentals market, the total ordinary regular monthly rent of upscale non-landed homes grew 2.7% q-o-q to $14,932. The record includes that there was even more attention in four-bedroom high-end apartment units, with the typical rent for this category expanding at a faster pace of 3.6% to reach $18,389 per month during the quarter.
The greatest GCB handle 3Q2024 was a real property in Tanglin Hill that was supposedly cost $93.9 million, or $6,198 psf on its land area of 15,150 sq ft.
Nevertheless, the figures reveal a significant enhancement compared to the 37 high-end condo units sold for $295.8 million that Huttons reported in 3Q2023. During the time, the market was reeling from the April 2023 roll-out of cooling measures, including an increase in additional buyer’s stamp duty (ABSD) for immigrants to 60%, in addition to an anti-money laundering suppression in August 2023.
This brings the variety of GCB deals to 25 for the first nine months of the year, exceeding the 20 that were approximated to have actually negotiated for the whole of 2023. The overall value of GCBs sold to date this year appear at $958.7 million.
