SINGAPORE: A total of 72 luxury condos worth S$611.4 million in total were sold in the first quarter of 2025 (Q1 2025), up 63.6% compared to the previous quarter and 35.8% higher year-on-year (YoY), EdgeProp Singapore reported, citing Huttons Asia’s report.
Of the 72 units sold, 64 were resale deals and eight were new units from developers. Seventeen of these were sold for S$10 million or more, a level similar to Q1 2023, before cooling measures kicked in April. Among high-transaction deals, 12 were purchased by foreigners and permanent residents (PRs).
The most expensive unit was a 5,899-square-foot (sq ft) home at Park Nova, which was sold for S$38.9 million.
The report also noted a rise in the rental market for luxury non-landed homes. Rents went up by 6.6% QoQ to an average of S$14,672 per month. Huttons attributed the growth to foreign tenants waiting for their permanent residency approval in Singapore.
The luxury condo market picked up in Q1 2025 but has eased since, partly due to US tariffs announced in April, according to Huttons.
Huttons said it expects more new luxury non-landed projects to launch in the coming months, likely aimed at ultra-high-net-worth individuals (UHNWIs) who remain confident in the city-state as a safe haven. /TISG
Read also: Singapore’s HDB resale flat price growth continues to slow at 1.6% in Q1 2025