Luxury Condo Sales Hit Record-High in Q2

Fiona Ho26 Aug 2019

Singapore saw 137 luxury condominiums change hands in the second quarter of 2019, or the highest since the Global Financial Crisis.

The units were sold for at least $3,000 per sq ft (psf), with the highest unit price rising to over $5,125 psf. This was achieved by a freehold penthouse at Boulevard 88 in June.

Savills noted that activity within the high-end market segment, especially of super luxury units priced at least $10 million each, surprised the market considering that the property cooling measures are still in place, reported Singapore Business Review.

It attributed the hike in activity to recent economic and political tensions within the region.

“The resurgence in purchases of Singapore luxury homes could be linked to the recent political unrest in Hong Kong,” said Savills.

And while locals continue to make up the bulk of non-landed residential sales, the market share of non-permanent residents or foreign buyers have been on the uptrend, climbing 0.8 percentage points to 5.9 percent in Q2, reversing two straight quarterly declines.

Looking to buy a Singapore home but not sure where to start? Get insight on the best locations for your new home with our AreaInsider Guides.

Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email fiona@propertyguru.com.sg

POST COMMENT

You may also like these articles

Singapore attracted $8.1b in investments despite global uncertainties

The figure already falls within The Economic Development Board's (EDB) $8 billion to $10 billion full year forecast and is also way higher compared to the $5.3 billion fixed asset investment (FAI) com

Continue Reading21 Aug 2019

Higher Prices Or Not, These New Condo Units Are Moving Fast

Some private residential projects in Singapore continued to post decent sales rate even as they come with higher unit price and quantum, said Knight Frank.Amber Park sold the highest number of units i

Continue Reading23 Aug 2019

Private residential project launches rose 23.1% in Q2

Developers launched 16 new private residential projects in the second quarter of 2019, up 23.1 percent from the 13 projects registered in the first quarter or one of the highest quarterly figures sinc

Continue Reading23 Aug 2019