The highest unit price rose over $5,125 psf for a penthouse in Boulevard 88.
This chart from Savills shows that 137 luxury condos were sold in the second quarter of the year, marking the highest number of sales since before the Global Financial Crisis.
These units are sold for at least $3,000 psf.The highest unit price rose to over $5,125 psf, which was achieved by a penthouse at the freehold Boulevard 88 in June.
Savills noted that with cooling measures still in place, activity in the high-end segment particularly of super luxury units worth at least $10m each surprised the market. This was attributed to recent political and economic tensions in the region.
“The resurgence in purchases of Singapore luxury homes could be linked to the recent political unrest in Hong Kong,” the report noted.
Savills also noted that although locals continue to account for the lion’s share of non-landed residential sales in general, the market share of foreigners or non-permanent residents inched up 0.8 ppt to 5.9% in the second quarter, reversing two straight quarters of decline.
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