15 Holland Hill View

Singapore’s luxury residential market, prices of new luxury condominium rose 5.2% y-o-y to $2,652 psf in 3Q2021 from $2,521 psf in 3Q2020. In 3Q2021, resale luxury condo prices increased by 7.1 percent y-o-y to $1,899 psf, up from $1,773 psf a year earlier.

“Real estate investment sales reached more than $9 billion in the first half of this year, driven by the residential and industrial sectors,” she adds.

According to Sun, new purchasers have joined the luxury home market, including aspiring entrepreneurs and those working in growing sectors such as biomedical, fintech, and international technology firms.

In the second quarter of 2012, private house sales in the Core Central Region (CCR) increased by approximately 25% year over year to 1,930 units. This is the highest resale volume in this category since the fourth quarter of 2010, when 2,014 units were sold.

New house sales in the CCR reached an 11-year quarterly high of 813 transactions last quarter, while resale volume touched a 12-year quarterly high of 1,109 deals. 339 condo apartments sold for more than $5 million apiece in the first nine months of this year, with 74 units fetching more than $10 million each.

The percentage of large-sized luxury condo apartments has also risen. In the third quarter of this year, 42.3 percent of condo transactions in the CCR were at least 1,200 square feet, up from 37.4 percent the previous quarter and 31.8 percent higher than in the first quarter of this year. In 3Q2021, demand for luxury condominiums larger than 1,600 sq ft increased to 23.6 percent, up from 22.1 percent the previous quarter and 18 percent higher than in 1Q2021.

In terms of absolute price, the most expensive luxury property sold so far this year was a 6,574 sq ft flat at Les Maisons Nassim that sold for $39 million in May. The most expensive apartment sold so far this year, in terms of psf, was a 3,034 sq ft home at Eden, which went for $6,024 psf in March.

Irwell Hill Residences, Leedon Green, Midtown Modern, Fourth Avenue Residence, and Hyll on Holland are the best-selling new luxury condominiums so far this year, according to URA caveats.

Due to increased demand, the landed dwelling sector has also performed well this year. In the first eight months of 2021, 2,407 homes were sold, representing a 139.7% increase over the same time last year.

A 32,150 square foot Good Class Bungalow (GCB) at Nassim Road sold for $128.8 million in March, while another 31,795 square foot GCB in Queen Astrid Park sold for $86 million in July.

According to Sun, “the supply of luxury houses is limited in Singapore, particularly large-scale projects in excellent locations.” She goes on to say that since most developers have yet to refill their land banks, the supply of new luxury houses would likely stay low.

If the economy continues to improve in the following months, it may enhance consumer confidence and lead to an increase in luxury house sales. As a result, Sun predicts that prices will rise in the following months.


TOP Selling Luxury Condos in Q1 to Q3 2021

ProjectUnits SoldAverage Price (PSF)
Midtown Modern392$2,704
Irwell Hill Residences368$2,641
Leedon Green145$2,631
Fourth Avenue Residences120$2,369
Hyll on Holland90$2,395
One Bernam85$2,475
RV Altitude84$2,656
The Avenir63$3,103
The M51$,2664
Kopar at Newton49$2,368
Secondary Market
Marina One Residences54$2,429
8 St Thomas53$2,687
The Sail at Marina Bay34$1,951
Nouvel 1831$3,091
The Oceanfront24$1,534
Soleil @ Sinaran23$1,891
One Shenton23$1,610