Prime non-landed residential sales pick up in 1H2024, but market remains uncertain: Knight Frank
Different purchases that brought in the top five based on price quantum in the same duration were 2 new sales at the 14-unit 32 Gilstead off Newton Roadway and Dunearn Road. The units were each offered in April and valued at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Streets, 2 units shifted hands in January for $16.5 million each.
This accompanies an increase in high-end condo transaction quantity from 72 deals in 2H2023 to 98 exchange 1H2024. The increase in purchases was largely sustained by customers wanting family-sized, ready-to-move-in units mostly for very own stay, Knight Frank’s head of residence and nonpublic workplace Nicholas Keong marks.
Best non-landed homes viewed a half-yearly boost of 28.2% in revenues worth, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 top non-landed residential information.
The top best non-landed home transaction in 1H2024 was the sale of a penthouse at the 190-unit Skywaters Properties 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 acquired by a foreigner of an unspecified race, based on caveats lodged.
Therefore, sellers in the secondary market may be struggling to change price requirements down to dominating market levels. Keong anticipates the increase in prime non-landed home prices to remain within -1% and 2% for the entire year.
The shortage of overseas buyers has also added to plateauing costs, with typical prime non-landed home costs viewing only a low half-yearly increase of 0.9% to $2,339 psf in 1H2024, from $2,319 psf in 2H2023. This is similarly 10.9% less than the typical cost of $2,652 psf in 1H2023.
Muted foreign buyer need is expected to carry on weighing on the high-end condo industry, Knight Frank’s Keong notes. At the same time, Singaporean home clients are also turning into extra selective with their hunt for deluxe homes.
Nonetheless, the high extra home buyer’s stamp responsibility charges have actually continued to reduce demand from offshore shoppers. This has resulted in the prime residential market place charting 2 succeeding semiannual periods where overall sales value was much less than $1 billion.
