Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The deluxe apartment rental market also grabbed in 1Q2025, with total month to month rental fees based upon Huttons’ basket of luxury non-landed homes expanding 6.6% q-o-q to $14,672. This is 1.7% greater y-o-y.
In the high-end home industry, the prime non-landed sector saw an upsurge in event in 1Q2025. According to a research record by Huttons Asia, 72 luxury condominium units negotiated in 1Q2025, jumping 63.6% q-o-q matched up to the last quarter, and higher 35.8% y-o-y. This is the highest quarterly luxury condominium sales volume in 2 years, states Huttons.
The 72 apartment units were brought a complete worth of $611.4 million, 64.2% more than the last quarter and 59.9% higher y-o-y. The bulk of the condos, or 64 units, were reselling offers, whereas the standing 8 were new units offered by developers.
Still, Huttons indicates that there is “little indicator of distress” in the reselling high-end condominium industry presently. Simultaneously, even more new plans may introduce in the coming months, which will serve ultra-high-net-worth people, that remain certain in Singapore’s standing as a safe house.
In terms of outlook, although activity in the luxury condominium market chose in 1Q2025, momentum has since reduced somewhat, claims Huttons. This appears on the rear of market unpredictability adhering to tariffs introduced by the US in April.
Union Square Residences view showflat
Huttons associates the rental development to a better number of foreigners renting upscale residences while awaiting the authorization of their permanent residency in Singapore. The interest helped boost month-to-month rental fees for 3- and four-bedroom units, which increased 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, respectively. On the other hand, month-to-month rentals four five-bedroom units dropped from over $30,000 last quarter to $18,667 in 1Q2025.
The rise in luxury apartment purchases coincided with a greater variety of large-value deals. According to Hutttons, 17 units were sold for $10 million or more in 1Q2025, similar to levels in 1Q2023 before cooling actions kicked into gear in April 2023. Amongst the 17 high-value bargains, 12 were bought by immigrants and permanent residents (PRs).
As an example, 21 Anderson, Kheng Leong Co’s ultra-luxury estate condominium in the Ardmore Park-Draycott Park-Anderson Roadway enclave, offered three units following its debut in April for over $60 million in total. All three are four-bedroom units of 4,489 sq ft, priced from $20.97 million ($4,672 psf) to beyond $23 million ($5,127 psf).
The largest high-end condo transaction in 1Q2025 was the sale of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit brought $38.89 million, or $6,593 psf. The transaction logged the second-highest psf-price ever registered for a condo 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 acquired by a PR, says Huttons.
