Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The increase in deluxe condominium deals coincided with a greater number of large-value deals. According to Hutttons, 17 units were sold for $10 million or even more in 1Q2025, similar to levels in 1Q2023 before cooling actions kicked right into gear in April 2023. Among the 17 high-value offers, 12 were bought by foreigners and permanent residents (PRs).
The high-end apartment rental market also grabbed in 1Q2025, with total monthly 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.
As an example, 21 Anderson, Kheng Leong Co’s ultra-luxury estate residence in the Ardmore Park-Draycott Park-Anderson Road territory, marketed three units following its kick off in April for over $60 million in total amount. All 3 are four-bedroom units of 4,489 sq ft, priced from $20.97 million ($4,672 psf) to over $23 million ($5,127 psf).
The largest high-end condo unit transaction in 1Q2025 was the revenue of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit yielded $38.89 million, or $6,593 psf. The transaction logged the second-highest psf-price ever registered for an apartment unit in Singapore, somewhat 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, says Huttons.
Huttons associates the rental growth to a better range of immigrants renting high-end residences whilst awaiting the approval of their permanent residency in Singapore. The demand helped improve monthly leas for 3- and four-bedroom units, that climbed 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, each. On the other hand, month-to-month rentals four five-bedroom units dropped from over $30,000 last quarter to $18,667 in 1Q2025.
In terms of overview, while activity in the luxury condominium market picked in 1Q2025, momentum has since eased slightly, claims Huttons. This happens on the rear of industry unpredictability complying with tolls introduced by the United States in April.
Nonetheless, Huttons notes that there is “little indicator of distress” in the reselling high-end condominium market presently. At the same time, even more new plans might introduce in the coming months, which will serve ultra-high-net-worth individuals, who remain positive in Singapore’s standing as a safe house.
The 72 condominium units were realized a full value of $611.4 million, 64.2% more than the previous quarter and 59.9% higher y-o-y. The bulk of the condominiums, or 64 units, were reselling deals, whilst the remaining 8 were new units offered by developers.
In the high-end house market, the top non-landed section viewed an upsurge in activity in 1Q2025. According to a research study record by Huttons Asia, 72 high-end flat units negotiated in 1Q2025, leaping 63.6% q-o-q matched up to the previous quarter, and much higher 35.8% y-o-y. This is the greatest quarterly deluxe condo sales volume in 2 years, states Huttons.
