Prestige Homes 1H 2024 | Gaining Momentum

Landed homes

  • Landed luxury home transaction volume relatively remained unchanged at 43 units transacted in 1H 2024, from 42 units in 2H 2023. Total transaction quantum increased 14.7% to S$803.8 million on higher quantum per transaction in the segment.
  • Luxury detached houses recorded 32 of the 43 transactions in 1H 2024, increasing 39.1% from the 23 transactions in 2H 2023. Luxury semi-detached and terrace houses, on the other hand, saw a decline to 11 units and recorded S$124.1 million in 1H 2023.
  • Good Class Bungalows (GCB) contributed 52.9% to the total detached house quantum 1H 2024. The price per sq ft for these GCB sites ranged from S$1,050 to S$2,990, and the average per-sq-ft price of S$2,138 achieved in 1H 2024 marks the highest average price per sq ft recorded since 1H 2020.

Non-landed homes

  • Average price of luxury non-landed homes increased in 1H 2024, amid a lower transaction volume of 16 units, down from 18 in 2H 2023. Total sale quantum for luxury non-landed stood at S$249.6 million in 1H 2024.
  • In 1H 2024, one penthouse unit from The Skywaters Residences and two adjacent units from The Ritz-Carlton Residences were transacted above S$5,000 per sq ft. The penthouse unit at The Skywater Residences was sold for S$47.3 million, or S$6,100 per sq ft. Meanwhile, over in the secondary sales market, the two adjacent Ritz-Carlton units changed hands at S$16.5 million each, translating to S$5,367 per sq ft. While it is atypical for secondary sales to reach the high of S$5,000 per sq ft, there were 11 of such transactions from 2021 to date.

Foreign demand

  • Total foreign demand quantum in 1H 2024 fell to S$171.7 million from S$196.0 million in 2H 2023. Foreign demand for luxury homes has continued to decrease, influenced by the implementation of the Additional Buyer’s Stamp Duty (ABSD) for foreign purchasers. The transaction volume declined to 10 units in the first half of 2024, compared to 13 units in the second half of 2023.
  • Of the 10 units transacted, there was only a sole transaction where the buyer was a non-permanent resident (NPR). The remaining 9 units were purchased by Singapore permanent residents (SPRs). This could suggest that the ABSD regulation in April 2023 has successfully deterred NPRs from entering the luxury home market in Singapore, or that they are seeking to become SPRs before making their investment decisions.

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Seah Li Ching

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Brandon Er

Manager | Marketing & Communications