Luxury condo deals surge 63.6% q-o-q in 1Q2025; 17 units sold for $10 million or more: Huttons
Huttons associates the rental growth to a higher range of foreigners renting upscale houses while waiting on the approval of their long-term residency in Singapore. The demand helped improve month-to-month rental fees for 3- and four-bedroom units, which climbed 9.4% q-o-q to $12,255 and 7.1% q-o-q to $18,066, specifically. On the flip side, regular monthly leas four five-bedroom units dropped from over $30,000 last quarter to $18,667 in 1Q2025.
The 72 apartment units were realized 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 resell offers, while the remaining eight were new units sold by developers.
The deluxe condominium rental market also grabbed in 1Q2025, with overall every month rental fees based on Huttons’ basket of high-end non-landed homes growing 6.6% q-o-q to $14,672. This is 1.7% greater y-o-y.
In the high-end housing industry, the prime non-landed section observed an upsurge in event in 1Q2025. According to a research record by Huttons Asia, 72 luxurious flat units transacted in 1Q2025, leaping 63.6% q-o-q matched up to the past quarter, and higher 35.8% y-o-y. This is the highest quarterly luxury apartment sales volume in two years, says Huttons.
The surge in high-end condominium deals coincided with a higher variety of large-value bargains. According to Hutttons, 17 units were sold for $10 million or even more in 1Q2025, similar to levels in 1Q2023 before moderating steps kicked into gear in April 2023. Among the 17 high-value bargains, 12 were bought by foreigners and permanent residents (PRs).
Still, Huttons notes that there is “little indicator of trouble” in the reselling high-end apartment market currently. At the same time, even more new properties may release in the following months, which will certainly suit ultra-high-net-worth consumers, that continue to be certain in Singapore’s status as a safe haven.
For example, 21 Anderson, Kheng Leong Co’s ultra-luxury estate residence in the Ardmore Park-Draycott Park-Anderson Road enclave, sold 3 units following its kick off 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 more than $23 million ($5,127 psf).
In terms of overview, while activity in the luxury condo market picked in 1Q2025, force has since reduced slightly, claims Huttons. This happens on the rear of industry uncertainty adhering to tolls declared by the United States in April.
The leading high-end condo unit agreement in 1Q2025 was the revenue of a five-bedroom penthouse at Park Nova. The 5,899 sq ft unit yielded $38.89 million, or $6,593 psf. The purchase logged the second-highest psf-price ever registered for a condominium 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 acquired by a PR, states Huttons.
