Big-ticket residential deals surge as wealthy buyers flock back to Singapore

The tide has shifted for luxury homes.

The re-appearance of high net-worth property buyers in the second quarter is a harbinger of better times ahead for Singapore’s struggling luxury residential market.

A report by Savills highlighted that the number big-ticket deals involving residential properties worth over $10m more than doubled in Q2, with 29 residential homes transacted for a total of $561.7m.

This is more than double the $249m from the sales of just 14 homes booked in the preceding quarter.

Among the notable deals are the sale of a Good Class Bungalow (GCB) at 35 Ridout Road for $91.7m, as well as the sale of a 13,875-sq ft penthouse unit at Le Nouvel Ardmore at $51m to Alibaba Group’s co-founder Sun Tongyu.

“That said, market sentiment in the luxury residential segment is gradually looking up as cash-rich purchasers have switched their interests back to Singapore, seeing that prices have become more attractive compared with other destinations world-wide,” Savills said.