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 realized 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 condominiums, or 64 units, were reselling deals, whilst the standing 8 were new units sold by property developers.
Still, Huttons mentions that there is “little sign of suffering” in the reselling upscale apartment industry right now. At the same time, even more brand-new plans may launch in the following months, that will suit ultra-high-net-worth consumers, who stay confident in Singapore’s condition as a safe haven.
Huttons associates the rental development to a higher number of foreigners renting out upscale homes whilst waiting on the authorization of their lifelong residency in Singapore. The demand helped boost month-to-month leas for three- and four-bedroom units, that increased 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, respectively. On the other side, monthly rents 4 five-bedroom units fell from over $30,000 last quarter to $18,667 in 1Q2025.
Springleaf Residence condominium
The greatest high-end condo transaction in 1Q2025 was the purchase of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit yielded $38.89 million, or $6,593 psf. The purchase 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, says Huttons.
The luxury condo rental market also grabbed in 1Q2025, with total monthly rental fees based upon Huttons’ basket of luxury non-landed homes expanding 6.6% q-o-q to $14,672. This is 1.7% higher y-o-y.
For example, 21 Anderson, Kheng Leong Co’s ultra-luxury freehold condo in the Ardmore Park-Draycott Park-Anderson Roadway enclave, offered 3 units following its debut 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 the upscale housing market, the prime non-landed segment viewed an upsurge in activity in 1Q2025. According to a study report by Huttons Asia, 72 high-end condominium units negotiated in 1Q2025, jumping 63.6% q-o-q compared to the previous quarter, and increased 35.8% y-o-y. This is the highest quarterly high-end condominium sales volume in two years, claims Huttons.
The rise in high-end condo purchases coincided with a greater number of large-value bargains. According to Hutttons, 17 units were sold for $10 million or even more in 1Q2025, similar to levels in 1Q2023 prior to moderating measures kicked into gear in April 2023. Amongst the 17 high-value bargains, 12 were purchased by immigrants and permanent residents (PRs).
In regards to overview, while activity in the luxury condominium market chose in 1Q2025, traction has since eased somewhat, says Huttons. This appears on the rear of industry uncertainty adhering to tariffs declared by the US in April.
