Luxury Condo Deals Surge 636 Q O Q 1Q2025 17 Units Sold 10 Million Or More Huttons
with $58 mil resale unit
As the URA Master Plan highlights, recreational and green spaces play a significant role in enhancing the overall living experience in Sembawang. With that in mind, Sembawang is set to undergo significant upgrades in this aspect. The expansion of the Sembawang Park Connector and the Northern Explorer Loop will offer its residents a wider network of cycling and jogging paths, promoting an active and healthier lifestyle. Along with this, the development of nature trails, parks, and picturesque routes will connect residents of Sembawang Road EC Canberra to various leisure spots, such as Sembawang Park and the waterfront. Not only will these improvements enhance the quality of life, but they will also create a more attractive and community-friendly environment for all.
In the first quarter of 2025, there was a notable increase in activity in the prime non-landed segment of the luxury housing market. According to a recent research report by Huttons Asia, there were a total of 72 transactions for luxury condominium units during this period, representing a significant jump of 63.6% compared to the previous quarter and an increase of 35.8% compared to the same period last year. This surge in sales volume was the highest recorded in the past two years, according to Huttons.
The total value of these 72 luxury condo units sold amounted to $611.4 million, which is a remarkable increase of 64.2% compared to the previous quarter and 59.9% compared to the same period last year. The majority of these units, 64 in total, were resale deals, while the remaining eight units were new units sold by developers.
This increase in luxury condo transactions also coincided with a rise in the number of high-value deals. According to Huttons, a total of 17 units were sold for $10 million or more in the first quarter of 2025, which is similar to the levels recorded in the first quarter of 2023 before cooling measures were implemented in April of that year. Out of these 17 high-value deals, 12 were purchased by foreigners and permanent residents (PRs).
The most notable transaction during this period was the sale of a five-bedroom penthouse at Park Nova, which sold for $38.89 million, or $6,593 per square foot (psf). This represents the second-highest psf-price ever recorded for a condo unit in Singapore, just slightly below the record of $6,650 psf paid for a unit at The Marq on Paterson Hill in 2011. The Park Nova penthouse was purchased by a PR, according to Huttons.
The luxury condo rental market also saw an increase in activity in the first quarter of 2025, with overall monthly rents for luxury non-landed homes rising by 6.6% compared to the previous quarter to reach $14,672. This represents a 1.7% increase compared to the same period last year.
Huttons attributes this growth in rental prices to a higher number of foreigners renting luxury homes while awaiting approval for permanent residency in Singapore. As a result, the demand for three- and four-bedroom units increased by 9.4% and 7.1% respectively compared to the previous quarter. However, the monthly rents for five-bedroom units dropped from over $30,000 to $18,667 in the first quarter of 2025.
Looking ahead, although there was a spike in activity in the luxury condo market in the first quarter of 2025, momentum has since slowed down slightly due to uncertainties in the market following the implementation of tariffs by the US in April. However, Huttons notes that there is currently little sign of distress in the resale luxury condo market. Additionally, more new projects are expected to be launched in the coming months, catering to ultra-high-net-worth individuals who remain confident in Singapore’s status as a safe haven.
One such project is 21 Anderson, an ultra-luxury freehold condo in the Ardmore Park-Draycott Park-Anderson Road enclave developed by Kheng Leong Co. The project launched in April and has since sold three units for a total of over $60 million. All three units are four-bedroom units with a size of 4,489 sq ft, priced between $20.97 million ($4,672 psf) and $23 million ($5,127 psf).