Non-landed luxury homes see price hike amid sales dip

This is amidst lower volumes in home transactions.

Singapore's luxury non-landed homes segment is slated for further price increase in the second half of the year despite transaction volumes falling, according to EDMUND TIE.

Transaction volume in non-landed luxury homes declined to 16 units in H1 2024 from 18 units in H2 2023, data from EDMUND TIE's 1H 2024 Prestige Homes Report showed.

This resulted in a 5.1% decline in total quantum to $249.6m in the first six months of 2024, from $263.2m in H2 2023.

Despite the lower volumes, the average transaction price for non-landed luxury homes rose by 6.7% to $15.6m, from $14.6m in the last six months of 2023.

One penthouse unit from The Skywaters Residences and two adjacent units from The Ritz-Carlton Residences were transacted above $5,000 per sq ft (psf) in H1.

The 7,761-sq-ft penthouse unit on the 57th floor of The Skywaters Residences was sold for $47.3m in May 2024, which was equivalent to $6,100 psf.

The last time that a unit crossed the $6,000 psf mark was in October 2022, when an 11,227-sq-ft unit in Les Maisonn Nassim changed hands at $68m, or $6,057 psf.

Two units in 32 Gilstead with 4,209 sqft and 4,198 sqft were sold for $14.5m each in April 2024. This is equivalent to $3,455 psf.

In the secondary sales market, the two adjacent Ritz-Carlton units changed hands at $16.5m each, translating to $5,367 psf in January 2024. 

Whilst it is atypical for secondary sales to reach the high of S$5,000 psf, there were 11 of such transactions from 2021 to date, EDMUND TIE said.