Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The largest deluxe condo unit transaction in 1Q2025 was the revenue of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit brought $38.89 million, or $6,593 psf. The transaction logged the second-highest psf-price ever registered for a condo 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 bought by a PR, says Huttons.
The deluxe condominium rental market also got in 1Q2025, with total monthly rents based upon Huttons’ basket of deluxe non-landed homes expanding 6.6% q-o-q to $14,672. This is 1.7% greater y-o-y.
For example, 21 Anderson, Kheng Leong Co’s ultra-luxury estate condo in the Ardmore Park-Draycott Park-Anderson Road enclave, marketed three units following its debut in April for over $60 million in total. All 3 are four-bedroom units of 4,489 sq ft, valued from $20.97 million ($4,672 psf) to more than $23 million ($5,127 psf).
Nevertheless, Huttons mentions that there is “little indicator of distress” in the reselling high-end apartment market currently. At the same time, more new plans may launch in the upcoming months, which will serve ultra-high-net-worth people, who remain positive in Singapore’s status as a safe house.
Huttons associates the rental development to a better amount of immigrants renting luxury residences whilst waiting for the authorization of their long-term residency in Singapore. The interest helped increase month-to-month leas for 3- and four-bedroom units, which increased 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, specifically. On the other hand, regular monthly rentals 4 five-bedroom units fell from over $30,000 last quarter to $18,667 in 1Q2025.
In regards to outlook, while activity in the luxury condo market picked in 1Q2025, force has actually since eased slightly, states Huttons. This appears on the back of market unpredictability complying with tolls declared by the US in April.
In the luxury housing industry, the prime non-landed section viewed an upsurge in event in 1Q2025. According to a research study record by Huttons Asia, 72 luxurious condominium units transacted in 1Q2025, leaping 63.6% q-o-q contrasted to the last quarter, and much higher 35.8% y-o-y. This is the highest quarterly luxury condo sales quantity in two years, states Huttons.
The 72 apartment units were sold for a full value of $611.4 million, 64.2% greater than the last quarter and 59.9% higher y-o-y. The bulk of the condos, or 64 units, were resale offers, whilst the remaining 8 were new units marketed by builders.
The rise in high-end condominium deals coincided with a higher 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 steps kicked into gear in April 2023. Among the 17 high-value bargains, 12 were acquired by foreigners and permanent residents (PRs).
