Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The largest high-end condo agreement 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 purchase register 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 bought by a PR, says Huttons.
Nevertheless, Huttons notes that there is “little indication of distress” in the resale upscale condo industry at the moment. At the same time, more new projects may introduce in the coming months, that will certainly serve ultra-high-net-worth consumers, who continue to be certain in Singapore’s standing as a safe house.
For example, 21 Anderson, Kheng Leong Co’s ultra-luxury freehold condominium in the Ardmore Park-Draycott Park-Anderson Roadway territory, sold three units following its release 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 over $23 million ($5,127 psf).
The rise in high-end condo sales accompanied a higher variety of large-value offers. According to Hutttons, 17 units were sold for $10 million or more in 1Q2025, similar to levels in 1Q2023 before cooling actions kicked right into gear in April 2023. Amongst the 17 high-value bargains, 12 were bought by foreigners and permanent residents (PRs).
The luxury apartment rental market also grabbed in 1Q2025, with total every month leas based upon Huttons’ basket of luxury non-landed homes growing 6.6% q-o-q to $14,672. This is 1.7% greater y-o-y.
In the upscale home industry, the top non-landed sector viewed an upsurge in event in 1Q2025. According to a research study record by Huttons Asia, 72 luxury condominium units negotiated in 1Q2025, jumping 63.6% q-o-q compared to the previous quarter, and higher 35.8% y-o-y. This is the highest quarterly high-end condominium sales quantity in two years, claims Huttons.
In regards to overview, although activity in the luxury condo market chose in 1Q2025, traction has actually since reduced slightly, says Huttons. This appears on the back of market unpredictability complying with tariffs declared by the United States in April.
The 72 condo units were realized a full value of $611.4 million, 64.2% greater than the previous quarter and 59.9% higher y-o-y. The bulk of the flats, or 64 units, were resell deals, whereas the remaining eight were new units sold by developers.
Huttons associates the rental development to a higher amount of immigrants leasing upscale residences while awaiting the approval of their permanent residency in Singapore. The necessity helped improve monthly rents for 3- 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, month-to-month rentals 4 five-bedroom units fell from over $30,000 last quarter to $18,667 in 1Q2025.
