Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
In the luxury house market, the top non-landed sector observed a surge in event in 1Q2025. According to a study report by Huttons Asia, 72 luxurious flat units worked out a deal in 1Q2025, leaping 63.6% q-o-q compared to the last quarter, and higher 35.8% y-o-y. This is the highest quarterly luxury condo sales volume in two years, claims Huttons.
As an example, 21 Anderson, Kheng Leong Co’s ultra-luxury property residence in the Ardmore Park-Draycott Park-Anderson Roadway enclave, sold 3 units following its launch in April for over $60 million in total amount. All three 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).
Huttons attributes the rental growth to a higher range of immigrants leasing upscale houses whilst waiting for the approval of their lifelong residency in Singapore. The interest helped increase regular monthly rents 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, respectively. On the flip side, month-to-month rentals 4 five-bedroom units dropped from over $30,000 last quarter to $18,667 in 1Q2025.
In terms of outlook, while activity in the luxury apartment market chose in 1Q2025, traction has since reduced a little, states Huttons. This appears on the back of market unpredictability adhering to tolls announced by the US in April.
The luxury condominium rental market also grabbed in 1Q2025, with total month to month rents based upon Huttons’ basket of luxury non-landed homes growing 6.6% q-o-q to $14,672. This is 1.7% higher y-o-y.
The 72 condo units were brought a total worth of $611.4 million, 64.2% more than the past quarter and 59.9% higher y-o-y. The bulk of the condominiums, or 64 units, were reselling offers, whilst the standing eight were new units sold by developers.
The increase in luxury condo sales coincided with a higher number of large-value bargains. According to Hutttons, 17 units were sold for $10 million or more in 1Q2025, comparable to levels in 1Q2023 prior to moderating actions kicked into gear in April 2023. Among the 17 high-value deals, 12 were purchased by immigrants and permanent residents (PRs).
Nonetheless, Huttons notes that there is “little indicator of distress” in the reselling expensive condo market presently. At the same time, more new properties might introduce in the upcoming months, that will certainly serve ultra-high-net-worth people, that remain positive in Singapore’s standing as a safe haven.
The greatest deluxe flat arrangement in 1Q2025 was the sale 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 an apartment unit in Singapore, somewhat 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, states Huttons.
