According to Knight Frank, $997.5 million worth of prime non-landed residences were sold in 1H2025, up 60.9% from $620.1 million recorded in 2H2024 (Picture: Samuel Isaac Chua/The Edge Singapore)
The luxury condo market saw “a quiet increase in activity” in the first half of the year on the back of improving buyer sentiment, according to a Knight Frank research report. A total of 120 prime non-landed homes were sold for $997.5 million in 1H2025. Knight Frank defines prime non-landed housing as apartments which have a floor area of at least 2,500 sq ft and are located in Districts 1, 2, 4, 9, 10 and 11.
The 1H2025 sales value represents a 60.9% surge from the $620.1 million in prime condo sales recorded in 2H2024, when 85 units were sold. It is also 26.7% higher compared to the $787.4 million worth of luxury condos sold in 1H2024.
According to Knight Frank, prime condo sales in 1H2025 were supported by transactions at existing projects such as Park Nova and 32 Gilstead, along with sales from 21 Anderson, which launched in April.
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The biggest luxury condo deal in the first half of the year was the sale of the largest penthouse at Park Nova in January. The 5,899 sq ft, five-bedroom unit was sold by the developer for $38.888 million, or $6,593 psf. It marked the second-highest psf-price ever registered for a condo unit in Singapore.
The second-largest prime non-landed residential transaction occurred just last month, at the upcoming Skywater Residences. A 5,285 sq ft, five-bedroom unit on the 55th floor was sold for $30.87 million, translating to $5,841 psf.
Other top deals in 1H2025 predominantly came from the launch of 21 Anderson. In May, a 4,489 sq ft, four-bedroom unit on the eighth floor was sold for $24 million ($5,347 psf) — the highest psf-price recorded at the development to date.
Such deals boosted the average unit price for luxury condos to $2,534 psf in 1H2025, which is 10.6% higher than $2,291 psf in 2H2024. This reflects a shift in buyer sentiment from “previous positions of muted interest”, as well as “a growing willingness to consider a reasonable premium for new product”, says Nicholas Keong, head of residential and private office at Knight Frank Singapore.
He notes that the changing sentiment among buyers is also occurring in the secondary market. “In a shift from the previous year, when sellers held fast to their asking prices, there were signs that more homeowners of prime properties have become more negotiable, rationalising their expectations closer to market levels,” Keong states.
Looking ahead, Knight Frank believes activity in the prime condo market will remain supported by local homebuyers, new citizens and permanent residents, as hefty additional buyer’s stamp duty (ABSD) rates for foreigners continue to deter demand from non-Singapore residents. “Given the exclusive high-net-worth character of the prime market, prices are broadly expected to remain stable for the rest of 2025,” Keong adds.
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