Luxury home sales take off in Q1

New non-landed homes in CCR skyrocketed 82.4% to 186 units.

Singapore’s luxury home market appears to be showing signs of resurgence as deep-pocketed homebuyers drove up the number of homes sold in the Core Central Region by 27.6% QoQ to 625 units in Q1, according to a report from property consultant Orange Tee.

New non-landed home sales in CCR also skyrocketed 82.4% QoQ to 186 units in the first three months of 2019 from 102 units in Q4. The headline figure marks the highest number on record since Q4 2017.

Locals are increasingly driving the quarterly gains in the luxury property market as the number of Singaporeans purchasing non-landed luxury homes have increased, with 69.4% of new homes in CCR being bought by locals.

“The increasing number of affluent locals purchasing luxury homes indicates their confidence that Singapore remains a safe haven for capital preservation and appreciation,” Christine Sun, head of research and consultancy at Orange Tee said in a report.

Demand for new luxury condos above $3,000 remained robust with 47 units sold in Q1, although this represents a modest decline from the 49 sold units in Q4 2018.

Super luxury home sales at $3,500 psf and above also surged to 25 transactions completed during the period and the highest number since Q4 2007. The 25 super luxury homes were from the new projects Boulevard 88 and 3 Cuscaden. A 528 sqm 28th floor units at Boulevard 88 was also transacted at $28m or $4,927 psf, the highest unit price for a new home since June 2013.

The mass market segment also mimicked the uptrend in the luxury side as non-landed home sales in OCR surged 52.4% QoQ to 957 units following the launch of mega projects like Treasure at Tampines and The Florence Residences. The secondary market also saw 745 resale homes being inked in Q1.

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