Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The luxury condo rental market also picked up in 1Q2025, with overall month to month rental fees based on Huttons’ basket of luxury non-landed homes growing 6.6% q-o-q to $14,672. This is 1.7% greater y-o-y.
Huttons attributes the rental development to a better number of immigrants renting luxury residences while awaiting the authorization of their permanent residency in Singapore. The interest helped increase regular monthly rental fees for 3- and four-bedroom units, that climbed 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, each. On the other hand, regular monthly rental payments 4 five-bedroom units fell from over $30,000 last quarter to $18,667 in 1Q2025.
As an example, 21 Anderson, Kheng Leong Co’s ultra-luxury freehold condominium in the Ardmore Park-Draycott Park-Anderson Roadway enclave, offered three units following its kick off in April for over $60 million in overall. All three are four-bedroom units of 4,489 sq ft, valued from $20.97 million ($4,672 psf) to beyond $23 million ($5,127 psf).
The largest luxury flat deal in 1Q2025 was the purchase of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit yielded $38.89 million, or $6,593 psf. The purchase logged the second-highest psf-price ever registered for a condo unit in Singapore, marginally lesser 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.
In terms of overview, while activity in the luxury apartment market chose in 1Q2025, traction has since reduced somewhat, states Huttons. This happens on the back of market unpredictability following tariffs announced by the United States in April.
The 72 condominium units were realized a full worth of $611.4 million, 64.2% greater than the past quarter and 59.9% higher y-o-y. The bulk of the condominiums, or 64 units, were resell deals, while the remaining 8 were brand-new units offered by builders.
The rise in deluxe condominium sales coincided with 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 measures kicked into gear in April 2023. Amongst the 17 high-value bargains, 12 were purchased by foreigners and permanent residents (PRs).
In the high-end house market, the prime non-landed sector observed an upsurge in event in 1Q2025. According to a research report by Huttons Asia, 72 high-end flat units worked out a deal in 1Q2025, leaping 63.6% q-o-q compared to the past quarter, and increased 35.8% y-o-y. This is the highest quarterly high-end apartment sales quantity in two years, states Huttons.
Nevertheless, Huttons notes that there is “little indication of trouble” in the resale upscale condo industry right now. Simultaneously, more new plans might launch in the upcoming months, which will certainly serve ultra-high-net-worth consumers, who continue to be certain in Singapore’s standing as a safe haven.
