.jpg?aB10zXRTupGKfXDEE86F8bqtT6RLSNhv&itok=sfjmr_HN "According to Huttons, 72 luxury condo units transacted in 1Q2025, jumping 63.6% q-o-q and 35.8% higher y-o-y. (Picture: Samuel Isaac Chua/The Edge SIngapore)")
In the luxury housing market, the prime non-landed segment saw a surge in activity in 1Q2025. According to a research report by Huttons Asia, 72 luxury condo units transacted in 1Q2025, jumping 63.6% q-o-q compared to the previous quarter, and higher 35.8% y-o-y. This is the highest quarterly luxury condo sales volume in two years, says Huttons.
The 72 condo units were sold for a total value of $611.4 million, 64.2% higher than the previous quarter and 59.9% higher y-o-y. The bulk of the condos, or 64 units, were resale deals, while the remaining eight were new units sold by developers.
The rise in luxury condo transactions coincided with a higher number of large-value deals. 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. Among the 17 high-value deals, 12 were purchased by foreigners and permanent residents (PRs).
The biggest luxury condo deal in 1Q2025 was the sale of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit fetched $38.89 million, or $6,593 psf. The transaction logged the second-highest psf-price ever registered for a condo unit in Singapore, marginally below the $6,650 psf paid for a unit at The Marq on Paterson Hill in 2011. The Park Nova penthouse was purchased by a PR, says Huttons.
The luxury condo rental market also picked up in 1Q2025, with overall monthly rents based on Huttons’ basket of luxury non-landed homes growing 6.6% q-o-q to $14,672. This is 1.7% higher y-o-y.
Huttons attributes the rental growth to a higher number of foreigners renting luxury homes while waiting for the approval of their permanent residency in Singapore. The demand helped boost monthly rents for three- and four-bedroom units, which rose 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, respectively. On the flip side, monthly rents four five-bedroom units fell from over $30,000 last quarter to $18,667 in 1Q2025.
In terms of outlook, while activity in the luxury condo market picked in 1Q2025, momentum has since eased slightly, says Huttons. This comes on the back of market uncertainty following tariffs announced by the US in April.
Nonetheless, Huttons notes that there is “little sign of distress” in the resale luxury condo market at the moment. At the same time, more new projects may launch in the coming months, which will cater to ultra-high-net-worth individuals, who remain confident in Singapore’s status as a safe haven.
For example, 21 Anderson, Kheng Leong Co’s ultra-luxury freehold condo in the Ardmore Park-Draycott Park-Anderson Road enclave, sold three units following its launch in April for over $60 million in total. All three are four-bedroom units of 4,489 sq ft, priced from $20.97 million ($4,672 psf) to over $23 million ($5,127 psf).
