Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The luxury condominium rental market also picked up in 1Q2025, with overall month to month rental fees based upon Huttons’ basket of high-end non-landed homes growing 6.6% q-o-q to $14,672. This is 1.7% higher y-o-y.
In regards to outlook, although activity in the luxury condominium market chose in 1Q2025, force has actually since eased slightly, states Huttons. This happens on the rear of market unpredictability adhering to tariffs revealed by the United States in April.
Huttons attributes the rental growth to a higher number of immigrants renting high-end homes whilst waiting for the approval of their lifelong residency in Singapore. The demand helped enhance month-to-month rents for 3- and four-bedroom units, that increased 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, respectively. On the flip side, monthly leas four five-bedroom units dropped from over $30,000 last quarter to $18,667 in 1Q2025.
The biggest luxury condo transaction in 1Q2025 was the sale of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit fetched $38.89 million, or $6,593 psf. The deal logged the second-highest psf-price ever registered for a condo unit in Singapore, marginally lower the $6,650 psf paid for a unit at The Marq on Paterson Hill in 2011. The Park Nova penthouse was purchased by a PR, states Huttons.
Still, Huttons indicates that there is “little indicator of suffering” in the reselling high-end condominium industry currently. At the same time, more brand-new properties might release in the forthcoming months, which will certainly serve ultra-high-net-worth consumers, that continue to be confident in Singapore’s status as a safe house.
The 72 condo units were realized a total worth of $611.4 million, 64.2% higher than the previous quarter and 59.9% higher y-o-y. The bulk of the condos, or 64 units, were resale offers, while the standing 8 were brand-new units offered by property developers.
The surge in luxury apartment purchases accompanied a higher variety of large-value bargains. According to Hutttons, 17 units were sold for $10 million or more in 1Q2025, comparable to levels in 1Q2023 before moderating steps kicked into gear in April 2023. Among the 17 high-value deals, 12 were acquired by immigrants and permanent residents (PRs).
In the luxury housing industry, the top non-landed segment saw an upsurge in event in 1Q2025. According to a study record by Huttons Asia, 72 luxurious condo units transacted in 1Q2025, leaping 63.6% q-o-q compared to the previous quarter, and increased 35.8% y-o-y. This is the greatest quarterly high-end condominium sales volume in 2 years, says Huttons.
For example, 21 Anderson, Kheng Leong Co’s ultra-luxury freehold residence in the Ardmore Park-Draycott Park-Anderson Roadway enclave, offered 3 units following its kick off in April for over $60 million in overall. All three are four-bedroom units of 4,489 sq ft, priced from $20.97 million ($4,672 psf) to around $23 million ($5,127 psf).
