Prime non-landed residential sales pick up in 1H2024, but market remains uncertain: Knight Frank
The lack of offshore buyers has actually also added to plateauing rates, with typical prime non-landed home costs observing only a marginal half-yearly rise of 0.9% to $2,339 psf in 1H2024, from $2,319 psf in 2H2023. This is similarly 10.9% less than the common price of $2,652 psf in 1H2023.
As a result, sellers in the secondary market place might be under pressure to readjust price expectations down to dominating market levels. Keong expects the increase in prime non-landed home costs to be within -1% and 2% for the entire year.
Residence at W condo floor plan
The top prime non-landed home proceeding in 1H2024 was the sale of a penthouse at the 190-unit Skywaters Properties at 1 Prince Edward Street in Tanjong Pagar. The 7,761 sq ft penthouse on the 57th floor switched hands at $47.3 million, or $6,100 psf. The unit was gotten by an immigrant of an undetermined citizenship, based on caveats lodged.
However, the high added buyer’s stamp responsibility rates have actually continued to suppress interest from offshore buyers. This has actually resulted in the prime residential market place charting 2 continuous semiannual periods where complete sales cost was much less than $1 billion.
Muted offshore investor interest is anticipated to proceed evaluating on the deluxe apartment industry, Knight Frank’s Keong notes. At the same time, Singaporean home buyers are in addition turning into much more careful with their browse for luxury residences.
Different transactions that made the leading five based on cost quantum in the same duration were two brand-new sales at the 14-unit 32 Gilstead off Newton Road and Dunearn Road. 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 Road, two units switched hands in January for $16.5 million each.
Prime non-landed houses observed a half-yearly increase of 28.2% in sales market value, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 top non-landed residential record.
This accompanies a rise in high-end apartment transaction volume from 72 deals in 2H2023 to 98 deals in 1H2024. The surge in purchases was largely sustained by buyers seeking family-sized, ready-to-move-in units mainly for very own stay, Knight Frank’s head of non commercial and exclusive office Nicholas Keong notes.
