Prime non-landed residential sales pick up in 1H2024, but market remains uncertain: Knight Frank
The top best non-landed home proceeding in 1H2024 was the sale of a penthouse at the 190-unit Skywaters Residences at 1 Prince Edward Street in Tanjong Pagar. The 7,761 sq ft penthouse on the 57th ground shifted hands at $47.3 million, or $6,100 psf. The unit was purchased by an immigrant of an undetermined citizenship, based upon caveats lodged.
Best non-landed residences viewed a half-yearly boost of 28.2% in revenues value, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 prime non-landed non commercial record.
Novo Place Hoi Hup Realty & Sunway
Because of this, sellers in the secondary market place might be under pressure to adjust rate assumptions down to dominating market levels. Keong expects the increase in prime non-landed home costs to be in between -1% and 2% for the whole year.
Nevertheless, the high extra purchaser’s stamp obligation rates have continued to suppress demand from offshore customers. This has caused the prime residential market place charting two continuous semiannual periods where complete sales cost was much less than $1 billion.
This accompanies a surge in deluxe condo deal quantity from 72 offers in 2H2023 to 98 exchange 1H2024. The increase in purchases was mostly incited by buyers wanting family-sized, ready-to-move-in units mostly for own stay, Knight Frank’s head of residential and nonpublic office space Nicholas Keong notes.
The absence of foreign buyers has actually also added to plateauing rates, with regular prime non-landed home rates seeing only a marginal half-yearly rise of 0.9% to $2,339 psf in 1H2024, from $2,319 psf in 2H2023. This is similarly 10.9% less than the common cost of $2,652 psf in 1H2023.
Muted international client need is expected to carry on weighing on the deluxe apartment market, Knight Frank’s Keong notes. At the same time, Singaporean home buyers are additionally becoming more discerning in their search for luxury properties.
Other purchases that made the top 5 based on rate quantum in the same duration were two new sales at the 14-unit 32 Gilstead off Newton Roadway and Dunearn Street. The units were both offered in April and priced at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Road, two units shifted hands in January for $16.5 million each.
