Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The biggest luxury condo unit deal in 1Q2025 was the sale of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit yielded $38.89 million, or $6,593 psf. The transaction register 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.
In the high-end house market, the prime non-landed section viewed a surge in activity in 1Q2025. According to a research record by Huttons Asia, 72 luxurious condo units worked out a deal in 1Q2025, jumping 63.6% q-o-q compared to the last quarter, and increased 35.8% y-o-y. This is the greatest quarterly high-end condominium sales volume in 2 years, states Huttons.
Huttons associates the rental development to a better range of immigrants renting high-end homes while waiting for the approval of their permanent residency in Singapore. The interest helped enhance monthly rental fees for 3- and four-bedroom units, which 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 rents four five-bedroom units fell from over $30,000 last quarter to $18,667 in 1Q2025.
Kassia Condo Tripartite Developers Pte Ltd
The deluxe condominium rental market also grabbed in 1Q2025, with overall monthly leas 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.
As an example, 21 Anderson, Kheng Leong Co’s ultra-luxury freehold flat in the Ardmore Park-Draycott Park-Anderson Road enclave, sold three units following its debut in April for over $60 million in total amount. All 3 are four-bedroom units of 4,489 sq ft, valued from $20.97 million ($4,672 psf) to more than $23 million ($5,127 psf).
The 72 condominium units were realized a total worth of $611.4 million, 64.2% higher than the last quarter and 59.9% higher y-o-y. The bulk of the flats, or 64 units, were resale prices, while the remaining 8 were new units sold by builders.
In terms of expectation, even though activity in the luxury apartment market chose in 1Q2025, momentum has since reduced somewhat, says Huttons. This comes on the back of market uncertainty adhering to tolls revealed by the US in April.
The rise in deluxe condominium sales coincided with a greater number of large-value offers. According to Hutttons, 17 units were sold for $10 million or more in 1Q2025, similar to levels in 1Q2023 prior to cooling actions kicked into gear in April 2023. Amongst the 17 high-value offers, 12 were purchased by immigrants and permanent residents (PRs).
Nevertheless, Huttons mentions that there is “little indicator of trouble” in the reselling upscale apartment industry right now. At the same time, even more new work may launch in the forthcoming months, that will certainly cater to ultra-high-net-worth people, who remain certain in Singapore’s status as a safe house.
