Prime non-landed residential sales pick up in 1H2024, but market remains uncertain: Knight Frank

The absence of offshore buyers has also added to plateauing costs, with average prime non-landed home rates observing just a low half-yearly rise of 0.9% to $2,339 psf in 1H2024, from $2,319 psf in 2H2023. This is similarly 10.9% lower than the typical price of $2,652 psf in 1H2023.

Muted foreign investor need is expected to continue weighing on the high-end condominium market, Knight Frank’s Keong notes. At the same time, Singaporean home investors are additionally becoming more selective with their search for high-end properties.

Therefore, sellers in the secondary market may be struggling to change rate expectations down to dominating market levels. Keong anticipates the rise in prime non-landed home prices to remain within -1% and 2% for the entire year.

Cape Royale showflat location

Best non-landed homes viewed a half-yearly rise of 28.2% in sales worth, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 prime non-landed non commercial report.

The top best non-landed home sale 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 floor shifted hands at $47.3 million, or $6,100 psf. The unit was purchased by an immigrant of an unspecified nationality, based on caveats lodged.

This coincides with a rise in high-end condominium transaction volume from 72 offers in 2H2023 to 98 exchange 1H2024. The rise in deals was mainly fuelled by customers looking for family-sized, ready-to-move-in units primarily for own stay, Knight Frank’s head of residence and private workplace Nicholas Keong marks.

Nonetheless, the high additional buyer’s stamp duty rates have actually remained to reduce demand from overseas buyers. This has actually resulted in the prime residence market charting 2 continuous semiannual periods where total sales cost was much less than $1 billion.

Some other purchases that brought in the top 5 based on price quantum in the same time frame were two new sales at the 14-unit 32 Gilstead off Newton Road and Dunearn Road. The units were both offered in April and cost at $14.5 million each. At the 58-unit The Ritz-Carlton Residences Singapore Cairnhill on Cairnhill Road, 2 units changed controls in January for $16.5 million each.