Singapore’s luxury homes market unchanged in Q3

Luxury non-landed market saw 110 transactions in the third quarter, similar to the previous quarter.

Singapore’s luxury non-landed market saw a total of 110 transactions during the third quarter of the year, unchanged from the previous quarter, Huttons reported. 

In its Prestige Report 3Q 2022, Huttons found that despite the unchanged number of transactions, the total quantum invested in the third quarter was $1b. This is up by 15.5% quarter-on-quarter. 

“There were more larger units with higher quantum sold in 3Q 2022 compared to 2Q 2022,” the report read in part. 

“Buyers were looking for units with large floor plate which are hard to come by and are willing to pay for them.”

Read more: Chart of the day: Mainland Chinese purchased the most non-landed homes in Singapore

In September, Les Maisons Nassim sold a penthouse unit for $68m. This is on top of two other units sold for $46m and $36m during the quarter. 

Les Maisons Nassim sold 10 out of 14 units at an average of $5,625 per square foot during the quarter. 

Huttons also noted that Cape Royale, The Avenir, and Nouvel 18 all emerged as the top 3 selling luxury projects in the quarter. 

Most of the demand were also seen from foreign nationalities from China, the US, and Malaysia. 

“Interest in the luxury segment of the non-landed market is expected to stay robust in 4Q 2022. The high net-worth individuals (HWIs) are using property as one hedge against inflation,” Huttons said. 

“The rising US dollar makes investing in Singapore properties relatively cheaper and will contribute to demand.”