Luxury home sales drop to 46 in 1Q24

Excluding new sales, transactions would have been 17.6% QoQ higher.

The total number of luxury non-landed homes transactions fell 34.3% QoQ to 46 in 1Q24, Huttons reported.

The expert, however, said Watten House, a major project launch,  propped up sales in 1Q24. 

The Watten House, alongside The Ritz-Carlton Residences Singapore Cairnhill, Hilltops, Ardmore Park, Nassim Jade, The Laurels, The LadyHill, and Grange Residences were the top-selling luxury non-landed projects in 1Q24.

Discounting the new sales for the period, transactions would be 40 and would have risen 17.6% QoQ.

The resale market also saw a 4.2% QoQ higher transaction value of $282.9m.

“The heightened geopolitical tensions appeared to have convinced buyers to buy a home in Singapore, often seen as a haven,” Huttons commented.