Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The surge in deluxe condo transactions accompanied a greater variety of large-value offers. According to Hutttons, 17 units were sold for $10 million or more in 1Q2025, similar to levels in 1Q2023 before cooling measures kicked right into gear in April 2023. Among the 17 high-value offers, 12 were bought by immigrants and permanent residents (PRs).
Still, Huttons mentions that there is “little indicator of suffering” in the resale luxury condo market at the moment. At the same time, even more brand-new work may launch in the coming months, that will certainly suit ultra-high-net-worth consumers, that remain confident in Singapore’s condition as a safe haven.
In regards to expectation, even though activity in the luxury condo market picked in 1Q2025, traction has since reduced somewhat, claims Huttons. This comes on the back of industry unpredictability complying with tolls introduced by the US in April.
For instance, 21 Anderson, Kheng Leong Co’s ultra-luxury freehold condominium in the Ardmore Park-Draycott Park-Anderson Roadway enclave, marketed three units following its release 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 beyond $23 million ($5,127 psf).
The 72 condominium units were brought a complete value of $611.4 million, 64.2% higher than the previous quarter and 59.9% higher y-o-y. The bulk of the condominiums, or 64 units, were reselling prices, whereas the standing 8 were brand-new units sold by developers.
The biggest deluxe condo agreement in 1Q2025 was the purchase of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit fetched $38.89 million, or $6,593 psf. The deal logged the second-highest psf-price ever registered for a condominium unit in Singapore, marginally below the $6,650 psf paid for a unit at The Marq on Paterson Hill in 2011. The Park Nova penthouse was acquired by a PR, says Huttons.
In the upscale house industry, the top non-landed segment viewed a surge in event in 1Q2025. According to a study record by Huttons Asia, 72 luxury condominium units negotiated in 1Q2025, leaping 63.6% q-o-q matched up to the last quarter, and increased 35.8% y-o-y. This is the highest possible quarterly high-end condominium sales quantity in 2 years, says Huttons.
Huttons associates the rental growth to a higher amount of immigrants renting out luxury houses whilst waiting on the approval of their permanent residency in Singapore. The demand helped improve month-to-month 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, specifically. On the flip side, month-to-month rents 4 five-bedroom units dropped from over $30,000 last quarter to $18,667 in 1Q2025.
The high-end condominium rental market also grabbed in 1Q2025, with general month to month rental fees based upon Huttons’ basket of luxury non-landed homes growing 6.6% q-o-q to $14,672. This is 1.7% greater y-o-y.
