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

Prime non-landed homes viewed a half-yearly increase of 28.2% in profits worth, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 top non-landed housing record.

Other purchases that made the top five based on cost quantum in the same time frame were two brand-new sales at the 14-unit 32 Gilstead off Newton Road and Dunearn Street. The units were each offered in April and valued at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Streets, 2 units switched controls in January for $16.5 million each.

The absence of offshore buyers has also added to plateauing costs, with average prime non-landed home prices viewing only a marginal half-yearly boost of 0.9% to $2,339 psf in 1H2024, from $2,319 psf in 2H2023. This is even 10.9% less than the common cost of $2,652 psf in 1H2023.

Muted offshore investor demand is expected to proceed evaluating on the high-end condominium market, Knight Frank’s Keong notes. At the same time, Singaporean home buyers are additionally turning into a lot more selective with their hunt for deluxe homes.

However, the high extra buyer’s stamp obligation fees have continued to reduce demand from overseas purchasers. This has actually led to the prime residential market charting 2 continuous semiannual durations where complete sales worth was less than $1 billion.

This coincides with an increase in deluxe condo deal volume from 72 offers in 2H2023 to 98 exchange 1H2024. The surge in deals was mostly sustained by purchasers wanting family-sized, ready-to-move-in units mostly for very own stay, Knight Frank’s head of residential and nonpublic office space Nicholas Keong marks.

Because of this, dealers in the secondary market place may be under the gun to readjust cost assumptions down to dominating market levels. Keong expects the boost in prime non-landed home costs to remain within -1% and 2% for the whole year.

The leading prime non-landed home sale 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 level changed hands at $47.3 million, or $6,100 psf. The unit was gotten by an immigrant of an undefined citizenship, based upon caveats lodged.

The Continuum Hoi Hup Realty & Sunway


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