SINGAPORE: Singapore’s luxury housing market has made a strong recovery compared to the previous six months. According to Knight Frank’s latest data, sales of prime condominiums surged by 28%.
Singapore Business Review reported that in the first six months of the year, 98 transactions for prime non-landed residential units totalled S$737 million, up from S$575 million in the latter half of 2023, when 72 homes were sold.
The luxury landed residential segment also experienced an uptrend, with a total sales volume of S$2.6 billion across 284 homes in H1 2024, compared to S$2.2 billion from 263 homes in H2 2023.
Similarly, the Good Class Bungalows (GCBs) market saw heightened interest, with five properties fetching S$217.5 million in the first half, a stark contrast to the S$51.2 million generated from two GCB sales in the preceding period.
Driving these transactions are owner-occupiers seeking spacious, move-in-ready units suitable for families, said Knight Frank.
The rise in sales has also had a moderate impact on property prices. Average prices for prime non-landed homes edged up by 0.9% to S$2,339 per square foot (psf) in H1 2024, compared to S$2,319 psf in H2 2023.
Meanwhile, the average transaction price for landed residential properties dipped slightly from S$1,904 psf to S$1,897 psf over the same period. GCBs, however, witnessed a significant price increase, rising to S$2,217 psf in H1 2024 from S$1,712 psf in H2 2023.
Nicholas Keong, Head of Residential and Private Office at Knight Frank, highlighted that while sales have improved, many potential buyers remain cautious. “With more options on the market, homebuyers have become more selective and measured, with most adopting a wait-and-see posture on the sidelines,” he explained. Mr Keong expects sales volume to remain subdued until there is a favourable adjustment in interest rates. /TISG
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