Luxury condo sales hold up in Q3 even as top-end GCB market soften

by Albert02

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. Despite a dip in sales of top-end Good Class Bungalows (GCB), according to Huttons Asia’s latest luxury market research, issued on Tuesday, demand for luxury condominiums in Singapore remains robust (Oct 18).

According to the study, 110 non-landed new residences costing S$5 million or more were sold in the third quarter of 2022, matching the previous quarter. This quarter, buyers paid a total of S$1 billion for these properties, a 15.5% increase over Q2. This quarter saw an increase in the number of larger units sold. This is owing to a lack of larger units, for which purchasers are willing to pay a premium, according to Huttons’ research team.

At the high end of the non-landed luxury property market, an 11,227 sq ft penthouse at Les Maisons Nassim in District 10 sold for S$68 million, or S$6,057 per square foot (psf). The ultra-luxury freehold condominium sold two more apartments this quarter: 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, ten of the fourteen flats at Les Maisons Nassim have sold for an average of S$5,625 per square foot. According to Huttons, the three most popular luxury developments in the third quarter were Cape Royale in Sentosa Cove, The Avenir in River Valley, and Nouvel 18 on Anderson Road.

According to the real estate consultant, Chinese nationals, Americans, and Malaysians were the top three overseas buyers of luxury houses this quarter. Similarly, according to an OrangeTee research, Mainland Chinese individuals 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 nearly recovered to pre-pandemic levels, according to the report. Non-PR foreigners purchased 143 luxury houses worth at S$5 million or more between January and August 2022, according to data from the Urban Redevelopment Authority (URA) Realis. This is about three times the 51 units purchased between January and August 2020, and somewhat more than the 136 units purchased during the same period in 2019.

Click the image to read the full details of report.

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