Who’s buying Singapore’s new high-end condos?

By EdgeProp Singapore / EdgeProp | November 23, 2018 1:36 PM SGT
Four months after the ninth round of property cooling measures were implemented, demand for luxury condos has remained resilient, going by the take-up rates and high psf prices that these properties have commanded.
In the first 11 months of 2018, there were over 500 recorded new sale transactions for private homes located within the Core Central Region (CCR), according to URA data. The average transacted psf for these properties was approximately $2,713 within the same time period.
Meanwhile, almost a third of these projects transacted above the $3,000 psf threshold. They include 3 Cuscaden, 8 Hullet, Wallich Residence at Tanjong Pagar Centre, New Futura, 8 Saint Thomas and 120 Grange.
In this article, we seek to examine the profile of buyers of luxury residential projects located within the prime districts, as well as the buying trends and behaviours in the segment. Only new sale transactions of non-landed private residential properties within the CCR were considered in our analysis.
Singaporeans make up nearly half of luxury condo buyers
Based on URA data, we found that Singaporeans made up about 48% of buyers of new luxury properties within the prime districts this year.
About 17% of these buyers were Singapore Permanent Residents (SPRs), while 34% of buyers were foreigners (NPRs). The remaining 1% were corporate buyers.
Source: EdgeProp.sg, URA. Data is accurate as of 23 Nov, 2018.
As a whole, luxury properties priced between $2 million and $3 million saw the highest number of transactions within the first 11 months of 2018. Properties within the price range also proved to be the most popular with Singaporeans, followed by properties priced between $1.5 million and $2 million, and those between $1 million and $1.5 million.
Our findings showed that new high-end projects that were most popular with Singaporeans in 2018 were The Asana (avg $2,674 psf), 38 Jervois (avg $2,411 psf), and Parksuites...