Archive for category: Misc

Demand for luxury non-landed homes in Singapore remained strong in the first half of 2023, with total transactions clocking up to $1.1 billion. Unit prices saw a slight 4.6% increase to $2,580 psf compared to 2H2022. Despite a lower number of 126 transactions in 1H2023, the landed residential market saw an increase in prices of 9.9% to $1,996 psf.

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Sales of luxury non-landed homes in Singapore clocked $1.1 billion in 1H2023, with the average unit price of prime non-landed homes seeing a 4.6% increase to $2,580 psf compared to 2H2022. This is according to a research report by Knight Frank, which notes the lower sales volume by citing the introduction of cooling measures, such as the additional buyer’s stamp duty applicable to foreigners being raised from 30% to 60%.

Despite the measure, demand for luxury non-landed homes remained strong in the first half of 2023. Of the 126 transactions in 1H2023, 48 of these were in District 4, out of which 31 were in Sentosa, which experienced spillover demand due to limited inventory on the main island.

Knight Frank further highlights that the top two luxury non-landed residential transactions in 1H2023 were in uncompleted homes, with an 8,633 sq ft unit at Les Maisons Nassim fetching $45 million ($5,213 psf). On a related note, EdgeProp Singapore reported the sale of the last two units at Les Maisons Nassim, after a 6,092 sq ft unit fetched $30.77 million ($5,050 psf) and a 6,179 sq ft unit was sold for $32.75 million ($5,300 psf).

As for the landed residential market, flash estimates by URA released on July 3 showed a 0.1% q-o-q rise in prices of landed homes in 2Q023. The estimated total increase in landed home prices for the first half of the year is 6%. A total of 257 landed homes worth $2.7 billion changed hands in 1H2023, resulting in a unit land price increase of 9.9% to $1,996 psf.

The Good Class Bungalow segment was also shown to have seen an uptick, with total transaction value rising 2.4% to $424.3 million in 1H2023. Unit land prices rose from $2,108 psf in 2H2022 to $2,952 psf in 1H2023.

Knight Frank observes that wealthy individuals and a new breed of younger high-net-worths have been drawn to the exclusivity of these niche homes. For the prime-non landed market, a drop in foreign homebuyer participation post-cooling measures and the withdrawal of some sellers’ properties from the market is expected to be observed in the remainder of 2023. As for the landed segment, prices are expected to grow in the second half of the year due to high demand.