Prime non-landed residential sales pick up in 1H2024, but market remains uncertain: Knight Frank
The absence of offshore buyers has actually also contributed to plateauing rates, with standard prime non-landed home costs observing only a low half-yearly boost of 0.9% to $2,339 psf in 1H2024, from $2,319 psf in 2H2023. This is even 10.9% lower than the standard rate of $2,652 psf in 1H2023.
However, the high extra purchaser’s stamp duty charges have remained to reduce demand from foreign shoppers. This has actually resulted in the prime residence industry charting two consecutive semiannual periods where total sales value was a lot less than $1 billion.
Union Square Residences floor plan
Top non-landed houses saw a half-yearly increase of 28.2% in profits market value, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 top non-landed non commercial record.
This coincides with an increase in deluxe apartment purchase quantity from 72 deals in 2H2023 to 98 exchange 1H2024. The rise in purchases was mainly sustained by buyers wanting family-sized, ready-to-move-in units mostly for very own stay, Knight Frank’s head of residential and exclusive office space Nicholas Keong marks.
Because of this, sellers in the secondary market might be struggling to readjust price requirements down to dominating market levels. Keong anticipates the increase in prime non-landed home rates to remain within -1% and 2% for the whole year.
Different transactions that made the top five based on price quantum in the same time frame were 2 new sales at the 14-unit 32 Gilstead off Newton Road and Dunearn Road. The units were each offered in April and priced at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Road, two units shifted controls in January for $16.5 million each.
Muted foreign buyer interest is anticipated to continue weighing on the deluxe condominium industry, Knight Frank’s Keong notes. At the same time, Singaporean home clients are additionally turning into more selective with their browse for deluxe homes.
The leading best non-landed home sale 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 gotten by a foreigner of an unspecified citizenship, based upon caveats lodged.
