Luxury condo deals hit record breaking $2b in H1 2021

Sales activity in the prime non-landed residential segment for the first half of 2021 surpassed the amount transacted for the whole year of 2020.

Prime non-landed residential sales amounted to $2b for the first half of 2021, the highest since the $2.4b recorded in the second half of 2010.

This was also more than double the $1b registered in the last 6 months of 2020 and surpassed the $1.7b transacted for the full year of 2020.

The most expensive transaction was a $293m luxury condo, Eden, by Swire Properties on 21 March.

“As the pandemic changed the priorities and preferences of home purchasers, with many leaning towards larger floorplates to accommodate for both living and working in the comfort of their homes, demand for larger non-landed homes in the prime districts increased,” Knight Frank said in a report.

The limited inventory of luxury homes in the Core Central Region and the demand from prospective high-net-worth foreign buyers are expected to drive prices higher.

“There are early signs that Singapore’s attractiveness to foreign and local private wealth is just beginning to translate into increased activity supporting prices, given the stable business and political environment when measured against political tensions in other parts of Asia,” Knight Frank added.