Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The 72 condo units were sold for a total value of $611.4 million, 64.2% more than the previous quarter and 59.9% higher y-o-y. The bulk of the flats, or 64 units, were resell prices, whereas the standing eight were new units marketed by developers.
Huttons associates the rental development to a higher number of foreigners renting high-end residences whilst waiting for the approval of their long-term residency in Singapore. The necessity helped boost month-to-month leas for three- and four-bedroom units, that climbed 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 rentals four five-bedroom units dropped from over $30,000 last quarter to $18,667 in 1Q2025.
For example, 21 Anderson, Kheng Leong Co’s ultra-luxury estate residence in the Ardmore Park-Draycott Park-Anderson Roadway enclave, sold 3 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 around $23 million ($5,127 psf).
In regards to overview, while activity in the luxury condo market picked in 1Q2025, momentum has since eased slightly, says Huttons. This appears on the back of industry uncertainty adhering to tariffs introduced by the US in April.
In the luxury house industry, the prime non-landed section viewed a rise in activity in 1Q2025. According to a research report by Huttons Asia, 72 luxurious flat units transacted in 1Q2025, leaping 63.6% q-o-q contrasted to the previous quarter, and increased 35.8% y-o-y. This is the greatest quarterly luxury condominium sales quantity in 2 years, states Huttons.
The rise in high-end apartment sales coincided with a higher number of large-value bargains. According to Hutttons, 17 units were sold for $10 million or more in 1Q2025, similar to levels in 1Q2023 prior to moderating measures kicked right into gear in April 2023. Amongst the 17 high-value offers, 12 were acquired by foreigners and permanent residents (PRs).
Nonetheless, Huttons notes that there is “little sign of trouble” in the reselling expensive apartment industry at the moment. At the same time, even more new properties might release in the upcoming months, which will certainly cater to ultra-high-net-worth consumers, who remain certain in Singapore’s status as a safe haven.
The greatest luxury condo unit deal in 1Q2025 was the purchase of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit obtained $38.89 million, or $6,593 psf. The transaction logged the second-highest psf-price ever registered for a condominium unit in Singapore, marginally lower the $6,650 psf paid for a unit at The Marq on Paterson Hill in 2011. The Park Nova penthouse was purchased by a PR, says Huttons.
The high-end condominium rental market also grabbed in 1Q2025, with total month to month rents based upon Huttons’ basket of deluxe non-landed homes expanding 6.6% q-o-q to $14,672. This is 1.7% higher y-o-y.
