Luxury Condo Deals Surge 636 Q O Q 1Q2025 17 Units Sold 10 Million Or More Huttons
with $1,653 psf median price
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A surge in activity was seen in the prime non-landed segment of the luxury housing market in the first quarter of 2025. According to a recent research report by Huttons Asia, there were 72 luxury condo units transacted during this period, representing a 63.6% increase from the previous quarter and a 35.8% increase from the same period last year. This marks the highest quarterly sales volume for luxury condos in the past two years, according to Huttons.
The total sales value for these 72 units amounted to $611.4 million, which is a 64.2% increase from the previous quarter and a 59.9% increase compared to the same period last year. The majority of these transactions, 64 units in total, were resale deals, with the remaining eight units sold by developers.
The rise in luxury condo transactions was accompanied by a higher number of high-value deals. Huttons reports that 17 units were sold for $10 million or more in the first quarter of 2025, which is similar to the levels seen in the first quarter of 2023 before cooling measures were implemented in April 2023. Out of these 17 high-value deals, 12 were purchased by foreigners and permanent residents (PRs).
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The biggest luxury condo deal in the first quarter of 2025 was the sale of a five-bedroom penthouse at Park Nova. This 5,899 sq ft unit was sold for $38.89 million, translating to a price of $6,593 psf. This transaction recorded the second-highest price per square foot ever recorded for a condo unit in Singapore, just below the record of $6,650 psf paid for a unit at The Marq on Paterson Hill in 2011. Huttons reports that the Park Nova penthouse was purchased by a PR.
The rental market for luxury condos also saw an uptick in activity in the first quarter of 2025, with overall monthly rents for luxury non-landed homes based on Huttons’ basket of properties increasing by 6.6% compared to the previous quarter, reaching $14,672. This is also a 1.7% increase compared to the same period last year.
Huttons attributes this rental growth to a higher number of foreigners renting luxury homes while waiting for the approval of their permanent residency in Singapore. This has helped to boost monthly rents for three- and four-bedroom units, which saw increases of 9.4% and 7.1% respectively compared to the previous quarter. On the other hand, monthly rents for five-bedroom units dropped from over $30,000 in the previous quarter to $18,667 in the first quarter of 2025.
Looking ahead, Huttons reports that while activity in the luxury condo market has increased in the first quarter of 2025, momentum has since slowed slightly due to market uncertainty following tariffs announced by the US in April. However, the market for resale luxury condos currently shows little signs of distress. In addition, more new projects are expected to launch in the coming months, catering to ultra-high-net-worth individuals who remain confident in Singapore’s status as a safe haven.
For example, Kheng Leong Co’s ultra-luxury freehold condo 21 Anderson, located in the prestigious Ardmore Park-Draycott Park-Anderson Road enclave, sold three units for over $60 million in total following its launch in April. All three units are four-bedroom units measuring 4,489 sq ft and are priced from $20.97 million ($4,672 psf) to over $23 million ($5,127 psf).
Read also: Park Nova penthouse sold for $38.9 mil, translating to near-record high of $6,593 psf.