Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
The leading deluxe condo unit deal in 1Q2025 was the sale of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit obtained $38.89 million, or $6,593 psf. The transaction register the second-highest psf-price ever registered for a condominium unit in Singapore, marginally lower the $6,650 psf paid for a unit at The Marq on Paterson Hill in 2011. The Park Nova penthouse was acquired by a PR, states Huttons.
The high-end condominium rental market also grabbed in 1Q2025, with total month to month rents based upon Huttons’ basket of high-end non-landed homes expanding 6.6% q-o-q to $14,672. This is 1.7% higher y-o-y.
For example, 21 Anderson, Kheng Leong Co’s ultra-luxury freehold condo in the Ardmore Park-Draycott Park-Anderson Roadway enclave, offered three units following its release in April for over $60 million in overall. All three are four-bedroom units of 4,489 sq ft, priced from $20.97 million ($4,672 psf) to around $23 million ($5,127 psf).
The 72 condo units were sold for a full value of $611.4 million, 64.2% greater than the past quarter and 59.9% higher y-o-y. The bulk of the condos, or 64 units, were resale offers, while the standing 8 were new units marketed by property developers.
In terms of expectation, although activity in the luxury condominium market chose in 1Q2025, traction has actually since reduced a little, says Huttons. This comes on the back of industry unpredictability following tariffs introduced by the US in April.
In the upscale house industry, the top non-landed section viewed a rise in event in 1Q2025. According to a study report by Huttons Asia, 72 luxury condominium units worked out a deal in 1Q2025, jumping 63.6% q-o-q matched up to the last quarter, and increased 35.8% y-o-y. This is the greatest quarterly luxury condo sales quantity in 2 years, states Huttons.
Nonetheless, Huttons mentions that there is “little indicator of distress” in the reselling luxury condominium industry currently. At the same time, even more new plans may introduce in the forthcoming months, that will suit ultra-high-net-worth individuals, who stay positive in Singapore’s status as a safe haven.
The surge in high-end condominium transactions accompanied a greater variety of large-value deals. According to Hutttons, 17 units were sold for $10 million or even more in 1Q2025, similar to levels in 1Q2023 before cooling steps kicked right into gear in April 2023. Among the 17 high-value offers, 12 were bought by foreigners and permanent residents (PRs).
Huttons associates the rental development to a higher range of immigrants leasing upscale homes whilst waiting on the authorization of their long-term residency in Singapore. The interest helped boost regular monthly leas for 3- and four-bedroom units, that rose 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, specifically. On the other hand, monthly rentals four five-bedroom units fell from over $30,000 last quarter to $18,667 in 1Q2025.
