Luxury home sales break 11-year sales record amidst heightened alert

A total of 811 condos were sold in the last quarter, the highest since Q4 2010.

Luxury home sales broke its 11-year high, according to the latest report from OrangeTee.

Based on Urban Redevelopment Authority data, 1,795 luxury homes were sold in the second quarter (Q2) of 2021, the highest since the 1,876 units sold in the fourth quarter (Q4) of 2010.

Amidst the heightened alert, 811 luxury condos were sold, the highest since the 855 sold in Q4 2010.

This was driven by luxury projects launched in the Core Central Region, including Irwell Hill Residences, One Bernam, and Park Nova, as well as sales promotions conducted by some developers for selected units.

Condo prices dipped by 2.2% to $2,660 per square foot (psf) in Q2 from $2,719 psf in the first quarter. Resale prices dipped 0.9% to $1,971 psf.

Thirty condos were sold for at least $10m in Q2, bringing the first half super-luxury condo transactions to 41 units, the highest since the second half of 2019.