Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
In the high-end housing market, the prime non-landed section observed a rise in activity in 1Q2025. According to a research study report by Huttons Asia, 72 high-end condominium units worked out a deal in 1Q2025, jumping 63.6% q-o-q matched up to the past quarter, and increased 35.8% y-o-y. This is the highest possible quarterly luxury condo sales volume in two years, says Huttons.
The deluxe apartment rental market also got in 1Q2025, with total every month leas based upon Huttons’ basket of luxury non-landed homes expanding 6.6% q-o-q to $14,672. This is 1.7% greater y-o-y.
The greatest deluxe flat transaction in 1Q2025 was the revenue of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit obtained $38.89 million, or $6,593 psf. The transaction logged the second-highest psf-price ever registered for an apartment unit in Singapore, somewhat below the $6,650 psf paid for a unit at The Marq on Paterson Hill in 2011. The Park Nova penthouse was bought by a PR, states Huttons.
In terms of outlook, even though activity in the luxury condo market picked in 1Q2025, force has since reduced a little, says Huttons. This happens on the back of industry uncertainty complying with tolls revealed by the US in April.
Nevertheless, Huttons indicates that there is “little indication of suffering” in the reselling high-end condominium market right now. Simultaneously, even more new plans may introduce in the coming months, which will serve ultra-high-net-worth individuals, that continue to be confident in Singapore’s standing as a safe haven.
The increase in high-end condo transactions coincided with a higher variety of large-value offers. According to Hutttons, 17 units were sold for $10 million or more in 1Q2025, similar to levels in 1Q2023 prior to moderating measures kicked right into gear in April 2023. Amongst the 17 high-value bargains, 12 were bought by immigrants and permanent residents (PRs).
For instance, 21 Anderson, Kheng Leong Co’s ultra-luxury property condo in the Ardmore Park-Draycott Park-Anderson Road territory, offered 3 units following its launch in April for over $60 million in overall. All 3 are four-bedroom units of 4,489 sq ft, valued from $20.97 million ($4,672 psf) to more than $23 million ($5,127 psf).
The 72 condo units were brought a total worth of $611.4 million, 64.2% more than the last quarter and 59.9% higher y-o-y. The bulk of the condos, or 64 units, were reselling offers, whilst the standing 8 were new units offered by developers.
Huttons associates the rental growth to a better number of immigrants leasing upscale homes whilst waiting on the approval of their long-term residency in Singapore. The demand helped increase regular monthly rental fees for three- and four-bedroom units, which increased 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, each. On the flip side, monthly rents 4 five-bedroom units dropped from over $30,000 last quarter to $18,667 in 1Q2025.
