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 brought a total value of $611.4 million, 64.2% greater than the previous quarter and 59.9% higher y-o-y. The bulk of the condos, or 64 units, were resale offers, while the remaining 8 were new units sold by builders.
Huttons associates the rental growth to a higher range of foreigners renting out high-end homes while waiting for the approval of their lifelong residency in Singapore. The demand helped boost month-to-month rental fees for three- and four-bedroom units, that rose 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.
As an example, 21 Anderson, Kheng Leong Co’s ultra-luxury property residence in the Ardmore Park-Draycott Park-Anderson Road enclave, marketed 3 units following its release in April for over $60 million in total amount. All 3 are four-bedroom units of 4,489 sq ft, priced from $20.97 million ($4,672 psf) to more than $23 million ($5,127 psf).
The increase in high-end condo sales accompanied a greater number of large-value deals. According to Hutttons, 17 units were sold for $10 million or more in 1Q2025, similar to levels in 1Q2023 before moderating actions kicked right into gear in April 2023. Amongst the 17 high-value bargains, 12 were bought by foreigners and permanent residents (PRs).
Still, Huttons mentions that there is “little sign of distress” in the resale expensive apartment industry at the moment. At the same time, more brand-new plans may introduce in the upcoming months, which will serve ultra-high-net-worth consumers, who continue to be confident in Singapore’s status as a safe haven.
The luxury condo rental market also grabbed in 1Q2025, with overall monthly rental fees based on Huttons’ basket of luxury non-landed homes growing 6.6% q-o-q to $14,672. This is 1.7% greater y-o-y.
In the high-end housing market, the top non-landed segment viewed an upsurge in activity in 1Q2025. According to a research study report by Huttons Asia, 72 high-end flat units worked out a deal in 1Q2025, jumping 63.6% q-o-q matched up to the previous quarter, and much higher 35.8% y-o-y. This is the greatest quarterly high-end apartment sales quantity in two years, states Huttons.
In terms of outlook, even though activity in the luxury condominium market picked in 1Q2025, force has actually since eased slightly, claims Huttons. This appears on the back of industry uncertainty following tariffs announced by the US in April.
The greatest luxury condo unit transaction in 1Q2025 was the revenue of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit yielded $38.89 million, or $6,593 psf. The deal logged the second-highest psf-price ever registered for an apartment unit in Singapore, somewhat lesser 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.
