Prime non-landed residential sales pick up in 1H2024, but market remains uncertain: Knight Frank

Top non-landed residences viewed a half-yearly boost of 28.2% in sales worth, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 top non-landed non commercial information.

The lack of overseas buyers has also added to plateauing rates, with average prime non-landed home prices viewing just a limited half-yearly rise of 0.9% to $2,339 psf in 1H2024, from $2,319 psf in 2H2023. This is similarly 10.9% lower than the common price of $2,652 psf in 1H2023.

Nonetheless, the high added home buyer’s stamp responsibility charges have actually remained reduce demand from foreign customers. This has actually resulted in the prime housing market place charting 2 continuous half-yearly durations where overall sales worth was much less than $1 billion.

The top best non-landed home transaction 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 ground switched hands at $47.3 million, or $6,100 psf. The unit was bought by a foreigner of an unspecified race, based on caveats lodged.

Muted foreign client need is expected to continue evaluating on the luxury condo industry, Knight Frank’s Keong notes. At the same time, Singaporean home buyers are additionally turning into a lot more discerning in their search for high-end homes.

This coincides with a rise in high-end condo deal quantity from 72 offers in 2H2023 to 98 exchange 1H2024. The increase in purchases was greatly sustained by customers looking for family-sized, ready-to-move-in units mostly for very own stay, Knight Frank’s head of residence and private workplace Nicholas Keong notes.

Blossoms By The Park condominium

Different transactions that brought in the top 5 based on cost quantum in the same period were 2 new sales at the 14-unit 32 Gilstead off Newton Roadway and Dunearn Road. The units were each offered in April and cost at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Streets, two units shifted controls in January for $16.5 million each.

As a result, home sellers in the secondary market place might be struggling to readjust rate assumptions down to prevailing market levels. Keong anticipates the boost in prime non-landed home rates to remain within -1% and 2% for the whole year.


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