Luxury home sales rise in value with fewer deals

The growth was largely driven by big-ticket landed home sales—particularly Good Class Bungalows.

Singapore’s luxury residential market showed resilience in the second half of 2024, with total transaction value rising 10.8% half-on-half to $1.24b, even as the number of deals fell by 16.1% to 52 units, according to ETC.

The growth was largely driven by big-ticket landed home sales—particularly Good Class Bungalows (GCBs).

The landed segment alone contributed $1.02b across 36 transactions. Though volumes were down from 43 units in 1H 2024, average prices surged by over 50% to $28.41m per transaction.

Detached homes made up 75% of all landed deals, with 18 GCBs accounting for the bulk of value at $780.6m.

One standout deal was a GCB at Tanglin Hill, which transacted for $93.9m, setting a new record land rate of $6,197 per square foot, eclipsing the previous benchmark set by Nassim Road in 2023. The largest deal of the period was a $131m transaction for a GCB on Belmont Road.

In contrast, non-landed luxury homes saw a quieter period. Although 16 units were sold—just one fewer than in 1H—the total value dropped by 19% to $216.9m, reflecting the absence of large deals like the 1H sale at Skywaters Residences.

Still, Park Nova stood out by crossing the $5,000 psf mark, with follow-up sales in early 2025 hitting $5,700 psf and $6,700 psf.

Ardmore Park, a perennial favourite, remained in demand with four units sold in 2H, continuing its trend of stable prices around $4,000 psf.

Foreign demand remained muted with foreign buyers picking up 11 units in 2H 2024, up from 10 in 1H. Despite this, total spending dipped to $166.6m. Strict 60% ABSD rates for non-permanent residents (NPRs) kept this segment largely out of the market, with only two NPR purchases recorded during the period.