Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
In the high-end home market, the prime non-landed segment saw a rise in activity in 1Q2025. According to a research study record by Huttons Asia, 72 high-end flat units transacted in 1Q2025, leaping 63.6% q-o-q matched up to the previous quarter, and higher 35.8% y-o-y. This is the greatest quarterly luxury condominium sales volume in 2 years, states Huttons.
The 72 condominium units were brought a total value of $611.4 million, 64.2% higher than the past quarter and 59.9% higher y-o-y. The bulk of the condominiums, or 64 units, were resale offers, whilst the remaining 8 were new units sold by builders.
In regards to expectation, while activity in the luxury condominium market chose in 1Q2025, force has since eased a little, states Huttons. This comes on the back of market unpredictability following tariffs introduced by the United States in April.
The biggest luxury flat transaction in 1Q2025 was the revenue of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit fetched $38.89 million, or $6,593 psf. The deal register the second-highest psf-price ever registered for an apartment unit in Singapore, somewhat lower 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, says Huttons.
For instance, 21 Anderson, Kheng Leong Co’s ultra-luxury estate condo in the Ardmore Park-Draycott Park-Anderson Road enclave, marketed 3 units following its debut in April for over $60 million in overall. All three are four-bedroom units of 4,489 sq ft, priced from $20.97 million ($4,672 psf) to over $23 million ($5,127 psf).
The luxury condominium rental market also picked up in 1Q2025, with total every month rental fees based upon Huttons’ basket of high-end non-landed homes growing 6.6% q-o-q to $14,672. This is 1.7% higher y-o-y.
Nonetheless, Huttons notes that there is “little indication of trouble” in the reselling expensive condominium industry right now. Simultaneously, more new projects may introduce in the coming months, that will serve ultra-high-net-worth people, who stay confident in Singapore’s condition as a safe house.
Huttons associates the rental development to a higher number of foreigners renting upscale homes while waiting on the authorization of their long-term residency in Singapore. The demand helped boost monthly rents for 3- and four-bedroom units, that climbed 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, each. On the other hand, monthly rents 4 five-bedroom units dropped from over $30,000 last quarter to $18,667 in 1Q2025.
The rise in high-end condominium transactions coincided with a greater variety of large-value bargains. According to Hutttons, 17 units were sold for $10 million or more in 1Q2025, similar to levels in 1Q2023 before cooling steps kicked into gear in April 2023. Amongst the 17 high-value bargains, 12 were bought by immigrants and permanent residents (PRs).
