Luxury condo transactions up 15.1% q-o-q in 1Q2023; luxury landed deals fall 38.9%: Huttons Asia

By Jennifer Venkat
/ EdgeProp Singapore |
With the return of the super wealthy Chinese, Klimt Cairnhill — the 138-unit freehold condo by Low Keng Huat — saw 20 units sold to foreigners in 1Q2023. (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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SINGAPORE (EDGEPROP) - The non-landed luxury real-estate market picked up momentum in 1Q2023, according to a research report by Huttons Asia. An estimated 84 non-landed luxury homes were sold in 1Q2023. This is 15.1% higher than the previous quarter. Based on caveats, the total value of non-landed luxury homes sold was $740.6 million, 8.3% higher q-o-q.
The upswing in the performance of the non-landed luxury real-estate market could be due to the return of affluent Chinese buyers following China's relaxation of border controls on Jan 8, says Huttons Asia.
huttons prestige report chart 1 - EDGEPROP SINGAPORE
With the return of the super wealthy Chinese, Klimt Cairnhill — the 138-unit freehold condo by Low Keng Huat — saw 20 units sold to foreigners in 1Q2023. “One of the reasons why the Chinese zoomed in on Klimt Cairnhill was the availability of large format units at least 2,000 sq ft,” says Huttons.
The three luxury condo projects that saw the biggest transactions in 1Q2023 are Les Maisons Nassim, Klimt Cairnill and Nassim Park Residences. At Les Maisons Nassim, a 6,286 sq ft unit sold for $36 million ($5,727 psf). At Klimt Cairnhill, a 5,920 sq ft duplex penthouse fetched $27.5 million ($4,645 psf). Meanwhile, a 4,822 sq ft unit at Nassim Park Residences sold for $22 million ($4,562 psf).
Where the luxury rental market is concerned, average monthly rents of luxury non-landed homes in 1Q2023 continued to rise by 11.6% to $15,994. With four- and five-bedroom luxury condo units being in limited availability, rents for these homes saw a faster pace of increase than three-bedders.
huttons prestige report chart 2 - EDGEPROP SINGAPORE
In the landed luxury segment, Huttons reports six detached houses in Good Class Bungalow (GCB) areas were sold in 1Q2023, totalling $133 million. This was 38.9% lower q-o-q and 68.6% lower y-o-y. “The larger deals of $30 million and above have dried up in 1Q2023 compared to the last two quarters in 2022 due to economic uncertainties,” add Huttons.
The biggest deal for a detached home in a GCB area in 1Q2023 was the sale of 38 Binjai Park for $28.3 million, or $1,824 psf, on a land area of 15,515 sq ft.
Based on URA Realis data, the highest monthly rent achieved for a GCB in 1Q2023 is $170,000 per month. The GCB was located in Queen Astrid Park. This is the second-highest rent achieved for a GCB. The record rent of $200,000 per month is held by a newly completed 25,439 sq ft GCB in Queen Astrid Park in June 2022.
Given the cooling measures rolled out on April 26, Huttons notes that the hike in additional buyer’s stamp duty (ABSD) for foreigners buying residential property in Singapore from 30% to 60% may have an impact on the market. “This is probably the highest tax rate on foreigners globally,” the report adds.
The luxury rental market may see more demand given that more foreigners will rent in the interim whilst applying for their permanent residency or citizenship. Huttons also predicts more interest in Singapore’s Global Investor Programme, which accords permanent resident status to eligible global investors who intend to drive their businesses and investment growth from Singapore.
For GCBs, Huttons predicts the market to see a normalised range of 40 to 50 transactions in 2023. “Sellers are holding out for their ideal price whilst buyers are waiting for their citizenship to come through before purchasing a GCB,” adds the report.

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