In the first half of 2021, 245 non-landed residential units sold for a total of $2 billion, while 403 landed homes above $5 million were sold for a total of about $4.3 billion.

Singapore’s prime non-landed residential segment saw 245 units sold for a total amount of $2 billion in the first half of 2021, revealed Knight Frank.

The figure is double the $1 billion posted in the second half of 2020 and exceeding the $1.7 billion registered in the whole of 2020. It is also the highest since H2 2010, when total sales within the luxury market segment stood at about $2.4 billion.

Knight Frank noted that demand for larger non-landed homes within the prime district has been on the uptrend as many buyers gravitate towards bigger floorplans to accommodate living and working spaces.

“Both foreign and local homebuyers/investors were looking to penthouses or larger units with more than 3,000 sq ft from the newly-launched Park Nova and Midtown Modern, as well as in the resale market,” it said.

Notable deals in H1 2021 included the $293 million sale of all units at Swire Properties’ Eden, which works out to an average price of $4,827 per sq ft (psf).

Over at the landed home segment, 403 units above $5 million were sold during the period under review, bringing total sales at about $4.3 billion, up from $2.7 billion in H2 2020.

“The demand was primarily driven by home upgraders looking to move into larger accommodations, especially in close proximity to reputed schools, as well as residents selling their private homes at higher prices due to an active and robust private home market, driven in part by the nouveau riche from the technology, pharmaceutical and finance sectors,” said Knight Frank.

The robust demand in the landed home segment resulted in a thriving Good Class Bungalow (GCB) market, which saw 37 deals amounting to $1.2 billion.

This was higher than the previous peak of about $1.1 billion in H1 2010 “as the asset class remains coveted and well-sought after by the growing number of ultra-high-net-worth Singaporeans and newly minted citizens”.

Looking ahead, Knight Frank expects the landed market segment to witness continued interest for the rest of the year, “with prices moving upwards led by GCB sales”.

It believes the GCB market will enter a renaissance over the next 12 months, “as pandemic-driven entrepreneurship and transformative COVID-19 industries create new wealth and a new class of luxury home buyer”.

Looking for a property in Singapore? Visit PropertyGuru’s ListingsProject Reviews and Guides.

Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg