Luxury condo market stays strong despite 60% ABSD on foreigners: report

The 187 resale transactions in 2024 stood close to the 193 deals recorded in 2023.

The luxury non-landed homes market in Singapore remained strong in 2024 despite the 60% Additional Buyer’s Stamp Duty (ABSD) on foreigners, Huttons reported.

It noted the 187 resale transactions seen in 2024 stood close to the 193 deals recorded in 2023, showing resilience in the segment. However, new sales were significantly lower due to a lack of new project launches and declining supply.

The total transaction value for luxury non-landed homes in 2024 was $1.65b, which represented a 29.1% decline from 2023’s $2.33b.

However, luxury property prices continued to climb, with Skywaters Residences setting a record by selling a penthouse for $6,100 per square foot (psf) or $47.3 million total—the highest price per square foot since 2011.

The Ritz-Carlton Residences also reached $5,397 psf, its highest since launching in 2007. The top-selling luxury projects by transaction value in 2024 included Skywaters Residences, Eden Residences Capitol, The Ritz-Carlton Residences, Park Nova, and 32 Gilstead.

The ultra-luxury property segment saw several high-value transactions. The most expensive unit sold in 2024 was a 7,761 sq ft penthouse at Skywaters Residences for $47.34 million ($6,100 psf).

The Good Class Bungalow (GCB) market rebounded significantly in 2024, with 36 transactions, up from 21 in 2023. The total transaction value for GCBs surged 80% to $1.4b, compared to $777.2m in 2023. The largest GCB transaction of the year was at Tanglin Hill, which sold for $93.9m ($6,198 psf)—the highest per-square-foot land price since 2021.

Looking ahead, the luxury non-landed home market is off to a strong start in 2025. Two Park Nova units sold at near-record prices in January 2025, with a penthouse selling for $38.9m ($6,593 psf), close to the 2011 record of $6,840 psf at The Marq on Paterson Hill.