Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
Huttons associates the rental development to a higher range of immigrants renting out upscale houses whilst awaiting the approval of their long-term residency in Singapore. The demand helped boost monthly leas for three- and four-bedroom units, that rose 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, each. On the other side, monthly leas 4 five-bedroom units dropped from over $30,000 last quarter to $18,667 in 1Q2025.
The 72 condominium units were brought a total value of $611.4 million, 64.2% more than the previous quarter and 59.9% higher y-o-y. The bulk of the condominiums, or 64 units, were reselling offers, whilst the remaining eight were brand-new units offered by developers.
Still, Huttons notes that there is “little indicator of trouble” in the resale upscale apartment industry at the moment. Simultaneously, even more brand-new work might release in the upcoming months, which will certainly cater to ultra-high-net-worth people, that stay confident in Singapore’s condition as a safe haven.
In terms of expectation, while activity in the luxury condominium market picked in 1Q2025, force has since eased slightly, states Huttons. This appears on the back of market unpredictability following tariffs declared by the US in April.
The greatest high-end condo arrangement in 1Q2025 was the sale of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit obtained $38.89 million, or $6,593 psf. The transaction register the second-highest psf-price ever registered for a condo unit in Singapore, marginally below the $6,650 psf paid for a unit at The Marq on Paterson Hill in 2011. The Park Nova penthouse was purchased by a PR, says Huttons.
The surge in deluxe condo sales accompanied a greater number of large-value deals. According to Hutttons, 17 units were sold for $10 million or more in 1Q2025, comparable to levels in 1Q2023 prior to cooling steps kicked right into gear in April 2023. Amongst the 17 high-value deals, 12 were acquired by immigrants and permanent residents (PRs).
For instance, 21 Anderson, Kheng Leong Co’s ultra-luxury property flat in the Ardmore Park-Draycott Park-Anderson Road territory, marketed three units following its release in April for over $60 million in total. All 3 are four-bedroom units of 4,489 sq ft, priced from $20.97 million ($4,672 psf) to over $23 million ($5,127 psf).
In the upscale home market, the prime non-landed sector saw a surge in activity in 1Q2025. According to a research report by Huttons Asia, 72 high-end flat units transacted in 1Q2025, jumping 63.6% q-o-q matched up to the last quarter, and increased 35.8% y-o-y. This is the highest possible quarterly high-end condo sales volume in 2 years, states Huttons.
The high-end apartment rental market also got in 1Q2025, with total monthly rental fees based on Huttons’ basket of deluxe non-landed homes expanding 6.6% q-o-q to $14,672. This is 1.7% greater y-o-y.
