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

Prime non-landed houses viewed a half-yearly increase of 28.2% in sales market value, from $574.7 million in 2H2023 to $736.7 million in 1H2024, according to Knight Frank’s 1H2024 top non-landed housing information.

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However, the high extra buyer’s stamp duty fees have actually remained subdue interest from offshore customers. This has actually led to the prime residence market charting two succeeding semiannual periods where complete sales price was a lot less than $1 billion.

The absence of overseas buyers has also added to plateauing prices, with average prime non-landed home prices viewing only a minimal half-yearly increase of 0.9% to $2,339 psf in 1H2024, from $2,319 psf in 2H2023. This is even 10.9% less than the typical rate of $2,652 psf in 1H2023.

Different deals that made the top five based on rate quantum in the same duration were 2 new sales at the 14-unit 32 Gilstead off Newton Roadway and Dunearn Street. 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, two units shifted hands in January for $16.5 million each.

The top best non-landed home proceeding in 1H2024 was the sale of a penthouse at the 190-unit Skywaters Residences at 1 Prince Edward Road 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 acquired by a foreigner of an undetermined citizenship, based on caveats lodged.

Muted overseas client demand is expected to carry on evaluating on the high-end apartment market, Knight Frank’s Keong notes. At the same time, Singaporean home buyers are in addition becoming much more careful with their search for luxury homes.

This coincides with a surge in high-end apartment deal quantity from 72 deals in 2H2023 to 98 deals in 1H2024. The rise in transactions was greatly fuelled by buyers looking for family-sized, ready-to-move-in units mostly for very own stay, Knight Frank’s head of residence and exclusive office space Nicholas Keong notes.

As a result, home sellers in the secondary market might be under the gun to adjust rate requirements to prevailing market levels. Keong expects the boost in prime non-landed home rates to be within -1% and 2% for the entire year.

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