,Singapore

Luxury condo deals hit record breaking $2b in H1 2021

Sales activity in the prime non-landed residential segment for the first half of 2021 surpassed the amount transacted for the whole year of 2020.

Prime non-landed residential sales amounted to $2b for the first half of 2021, the highest since the $2.4b recorded in the second half of 2010.

This was also more than double the $1b registered in the last 6 months of 2020 and surpassed the $1.7b transacted for the full year of 2020.

The most expensive transaction was a $293m luxury condo, Eden, by Swire Properties on 21 March.

“As the pandemic changed the priorities and preferences of home purchasers, with many leaning towards larger floorplates to accommodate for both living and working in the comfort of their homes, demand for larger non-landed homes in the prime districts increased,” Knight Frank said in a report.

The limited inventory of luxury homes in the Core Central Region and the demand from prospective high-net-worth foreign buyers are expected to drive prices higher.

“There are early signs that Singapore’s attractiveness to foreign and local private wealth is just beginning to translate into increased activity supporting prices, given the stable business and political environment when measured against political tensions in other parts of Asia,” Knight Frank added.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The sector scored 72.7/100 points in customer satisfaction in the Customer Satisfaction Index of Singapore.
The new system, set for implementation in 2022, will provide migrant workers with quality, affordable and accessible healthcare catered to their needs.
Four medical suppliers saw an average 48% increase in stocks as markets reacted to the new variant.
Their pre-departure tests in South Africa on 26 November were negative.
The new skills maps serve as a resource for training providers and financial institutions to design family office-related training.
Its high costs make the country a top choice for companies with higher-valued-added manufacturing.
HongKongLand had the most growth for the day.
It surpassed the Bloomberg consensus estimate of 14.5%.
The agreement aims to grow tourism and economic activities as borders reopen. 
It will also enter a loan agreement worth $210.6m.
The acquisition will be fully funded by cash through internal resources.
These countries are Cambodia, the Maldives, Sri Lanka, Thailand, and Turkey.
The decrease was driven by profit declines in their beer and non-alcoholic businesses.
Sources say the state-owned Chinese firm is in talks with advisers about the potential divestment.