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

The shortage of foreign buyers has also contributed to plateauing rates, with typical prime non-landed home prices viewing just a marginal 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 average price of $2,652 psf in 1H2023.

Top non-landed homes saw a half-yearly boost 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 prime non-landed housing report.

Therefore, sellers in the secondary market may be under the gun to readjust price requirements down to dominating market levels. Keong expects the increase in prime non-landed home prices to be in between -1% and 2% for the whole year.

Watten House showflat

Other deals that made the top 5 based on price quantum in the same duration were two new sales at the 14-unit 32 Gilstead off Newton Road and Dunearn Road. The units were each marketed in April and priced at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Streets, 2 units shifted hands in January for $16.5 million each.

Nevertheless, the high additional buyer’s stamp duty fees have continued to suppress demand from offshore purchasers. This has actually resulted in the prime housing market place charting two succeeding half-yearly periods where complete sales cost was a lot less than $1 billion.

Muted foreign investor interest is expected to carry on weighing on the high-end condominium market, Knight Frank’s Keong notes. At the same time, Singaporean home buyers are also becoming more careful in their hunt for deluxe homes.

The leading best non-landed home transaction in 1H2024 was the sale of a penthouse at the 190-unit Skywaters Properties at 1 Prince Edward Road in Tanjong Pagar. The 7,761 sq ft penthouse on the 57th floor shifted hands at $47.3 million, or $6,100 psf. The unit was gotten by an immigrant of an undefined nationality, based upon caveats lodged.

This coincides with a rise in luxury apartment deal quantity from 72 offers in 2H2023 to 98 deals in 1H2024. The rise in purchases was greatly fuelled by customers wanting family-sized, ready-to-move-in units mostly for very own stay, Knight Frank’s head of residential and private office space Nicholas Keong marks.

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