Luxury home sales soar to 10-year high in Q2
The landed housing segment also experienced a similar surge.
Luxury home sales rose to a 10-year high for the second quarter of 2021, according to a report by OrangeTee and data released by the Urban Redevelopment Authority (URA).
Real investment sales hit $9b, boosted by the residential and industrial sectors. A number of billionaires and celebrities have acquired luxury homes, with industries like biomedical, fintech, and big tech also amassing vast fortunes.
Private home sales in the Core Central Region (CCR) jumped by almost 25% quarter-on-quarter during this period. When compared to previous performances, this is the highest since the fourth quarter of 2010.
New home sales in CCR also reached an 11-year quarterly high with 813 transactions. Meanwhile, resales hit a 12-year high with 1,109 transactions.
Approximately 339 condominiums were sold in excess of $5m each, with $74 costing over $10m. The most expensive sale in terms of price quantum hit $39m at Les Maisons Naissim in May of this year.
Based on per-square-foot (psf), 337 luxury condominium units were sold for $3,000 psf, whilst 45 were above $4,000 psf. The most expensive transaction was a 282-square-metre (sqm) resale condominium at Eden along Draycott Park. A psf of $6,024 was recorded.
The landed housing segment, meanwhile, experienced a similar performance, with 2,413 properties transacted in the first eight months. A 139.9% year-on-year increase was from the same period.
Notable deals from this category include a $128.8m deal for a Good Class Bungalow 2,988 sqm in Nassim Road and a 2,955 sqm unit at Queen Astrid Park sold in July.