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. According to Huttons Asia’s newest luxury market analysis, released on Tuesday, demand for luxury condominiums in Singapore remains high, despite a decline in sales of top-end Good Class Bungalows (GCB) (Oct 18).

According to the survey, 110 non-landed new dwellings costing S$5 million or more were sold in the third quarter of 2022, which is equivalent to the previous quarter. Buyers paid a total of S$1 billion for these properties this quarter, a 15.5% increase over Q2. This quarter saw a higher volume of larger units sold. According to Huttons’ research team, this is due to the scarcity of larger units, for which buyers are willing to pay a premium.

At the high end of the non-landed luxury property market, an 11,227 square foot (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. Furthermore, Huttons claimed that in the third quarter, the three most popular luxury developments were Cape Royale in Sentosa Cove, The Avenir at River Valley, and Nouvel 18 at Anderson Road.

According to the real estate consultancy, the top three overseas buyers of luxury homes this quarter were Chinese nationals, Americans, and Malaysians. Similarly, according to an OrangeTee investigation, between January and August 2022, Mainland Chinese citizens purchased around 20% of luxury houses valued at S$5 million and above.

According to the study, foreigners and Singapore permanent residents (PRs) have nearly recovered to pre-pandemic levels. According to data from the Urban Redevelopment Authority (URA) Realis, non-PR foreigners purchased 143 luxury residences priced at S$5 million or more between January and August 2022. This is more than treble the 51 units purchased between January and August 2020, and somewhat more than the 136 units purchased during the same period in 2019.

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