Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The leading high-end condo transaction in 1Q2025 was the sale of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit yielded $38.89 million, or $6,593 psf. The purchase register the second-highest psf-price ever registered for a condominium 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.
The high-end condo rental market also got in 1Q2025, with total every month rents based upon Huttons’ basket of high-end non-landed homes growing 6.6% q-o-q to $14,672. This is 1.7% greater y-o-y.
Still, Huttons mentions that there is “little indication of suffering” in the resale luxury condominium industry presently. Simultaneously, more brand-new plans may release in the forthcoming months, that will serve ultra-high-net-worth consumers, that remain confident in Singapore’s standing as a safe house.
The increase in high-end condominium purchases accompanied a greater number of large-value bargains. According to Hutttons, 17 units were sold for $10 million or even more in 1Q2025, similar to levels in 1Q2023 before cooling measures kicked right into gear in April 2023. Among the 17 high-value bargains, 12 were bought by foreigners and permanent residents (PRs).
Huttons associates the rental development to a higher amount of immigrants leasing luxury houses whilst awaiting the authorization of their lifelong residency in Singapore. The demand helped boost regular monthly leas for three- and four-bedroom units, which rose 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, respectively. On the other hand, monthly leas 4 five-bedroom units dropped from over $30,000 last quarter to $18,667 in 1Q2025.
In the upscale housing market, the top non-landed segment viewed a surge in activity in 1Q2025. According to a research study report by Huttons Asia, 72 luxurious condo units worked out a deal in 1Q2025, jumping 63.6% q-o-q compared to the last quarter, and increased 35.8% y-o-y. This is the highest quarterly luxury condominium sales quantity in 2 years, says Huttons.
The 72 condominium units were sold for a full value of $611.4 million, 64.2% higher than the past quarter and 59.9% higher y-o-y. The bulk of the condos, or 64 units, were reselling prices, whereas the remaining 8 were brand-new units offered by property developers.
For example, 21 Anderson, Kheng Leong Co’s ultra-luxury freehold flat in the Ardmore Park-Draycott Park-Anderson Road territory, marketed 3 units following its kick off in April for over $60 million in total. All three are four-bedroom units of 4,489 sq ft, valued from $20.97 million ($4,672 psf) to around $23 million ($5,127 psf).
In terms of expectation, while activity in the luxury apartment market chose in 1Q2025, force has since reduced slightly, says Huttons. This comes on the back of market uncertainty following tolls revealed by the US in April.
