Increased activity in luxury condo market

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The luxury private condominium segment has sprung back to life over the past few months, with the price quantum almost hitting a nine-year high when a total of 22 units were snapped up for at least $10 million each during the first quarter, reported Singapore Business Review citing Savills.

This is just shy of the peak of 23 units in Q3 2010.

More: Luxury Home Prices In Downtown Singapore Rising Faster Than Other High-End Districts: Report

Topping the list was The Nassim with 10 units sold, followed by Leedon Residence at Leedon Heights (three units) and Tomlinson Heights at Tomlinson Road (two units), revealed the Savills report.

Based on URA Realis data, 102 units were sold at $3,000 psf or higher in Q1, marking the highest quarterly number since Q4 2007. Of these, 40 units were from New Futura at Leonie Hill Road, 13 from 8 Hullet, 12 from Gramercy Park at Grange Road and 11 from The Nassim at Nassim Hill.

During the quarter, Singaporean buyers accounted for 73 percent of the total transactions (with 3,419 units bought), while non-Singaporean buyers including permanent residents (PRs) and foreigners made up 26.5 percent (1,241 units). Companies accounted for the remaining 0.6 percent as they purchased 26 units.

Savills noted that the percentage of non-Singaporean buyers rose for the second quarter in a row, climbing 1.5 percent from Q4 2017.

“Non-Singaporean buyers continued to be more active in the primary market,” said Savills research and consultancy senior director Alan Cheong.

“For Singapore PRs, the top projects on their purchase lists included The Tapestry, Parc Botannia, and Queens Peak, whilst foreign buyers preferred Martin Modern, Highline Residences and Queens Peak.”

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

This post was originally posted on Property Guru Property Market News Section