The luxury non-landed property market in Singapore concluded 2024 robustly, as detailed in Huttons’ Prestige Report for the fourth quarter of 2024. Despite a stringent 60% Additional Buyer’s Stamp Duty (ABSD) on foreign buyers, the market saw 187 resale transactions, closely mirroring the 193 deals in 2023. However, new sales were notably lower due to a lack of launches and dwindling supply.
Skywaters Residences made headlines with a penthouse sale at $47.3m, or $6,100 per square foot (psf), marking the highest psf price since 2011. The Ritz-Carlton Residences Singapore Cairnhill also saw significant transactions at $5,397 psf, the highest since its 2007 launch. The total value of luxury non-landed homes sold in 2024 was $1.65b, a 29.1% decrease from 2023’s $2.33b.
The Good Class Bungalow (GCB) market rebounded with 36 sales in 2024, up from 21 in 2023. This resurgence was driven by improved economic conditions and interest rate cuts, leading to a total sales value of $1.4 billion, an 80% increase from the previous year. Notable transactions included a $93.9m GCB in Tanglin Hill, achieving a record $6,198 psf on land.
Looking ahead, the luxury non-landed homes market is poised for a strong start in 2025, with early sales in Park Nova reaching near-record highs. The market anticipates more launches and increased transactions, as more affluent individuals and new citizens establish roots in Singapore.
