Luxury condo sales hold up in Q3 even as top-end GCB market soften
Luxury condo sales hold up in Q3 even as top-end GCB market soften. Demand for luxury condominiums in Singapore remains strong, even as sales of top-end Good Class Bungalows (GCB) weaken, according to Huttons Asia’s latest luxury market report, released on Tuesday (Oct 18).
According to the study, 110 non-landed new residences costing S$5 million or more were sold in Q3 2022, a comparable number to the previous quarter. The total amount paid by buyers for these residences was S$1 billion this quarter, up 15.5% from Q2. This quarter saw the sale of more larger units at a higher volume. According to Huttons’ research team, this is because larger units are hard to come by and purchasers are willing to pay a premium for them.
A 11,227 square foot (sq ft) penthouse at Les Maisons Nassim in District 10 sold for S$68 million, or S$6,057 per square foot, at the high end of the non-landed luxury property market (psf). This quarter saw the sale of two more apartments at the ultra-luxury freehold condominium: an 8,687 sq ft unit for S$46 million or S$5,296 psf and a 6,286 sq ft unit for S$36 million or S$5,727 psf. As a result, 10 of the 14 flats at Les Maisons Nassim have been sold at an average price of S$5,625 per square foot. Furthermore, Huttons reported that the three most popular luxury developments in the third quarter were Cape Royale in Sentosa Cove, The Avenir at River Valley, and Nouvel 18 at Anderson Road.
According to the real estate consultant, Chinese nationals, Americans, and Malaysians were the top three international buyers of luxury houses this quarter. Similarly, according to an OrangeTee analysis, Mainland Chinese citizens purchased around 20% of luxury residences valued at S$5 million and above between January and August 2022.
Foreigners and Singapore permanent residents (PRs) have also nearly recovered to pre-pandemic levels, according to the report. Non-PR foreigners purchased 143 luxury condominiums priced at S$5 million or more from January to August 2022, according to data from the Urban Redevelopment Authority (URA) Realis. This is more than quadruple the 51 units purchased from January to August 2020, and somewhat higher than the 136 units purchased during the same time in 2019.
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