Sale of luxury non-landed units soars 63.6% QoQ in Q1

72 luxury non-landed units were sold during the period, the highest in two years.

The sale of luxury non-landed units soared by 63.6% quarter-on-quarter in the first quarter of the year, according to a Huttons report.

According to the report, 72 luxury non-landed units were sold during the period, the highest in two years, and with a total value of  $611.4m.

There were 17 transactions valued at $10m and higher, bringing the level of interest back to pre-cooling measures days in Q1 2023. The most expensive property sold was a $38.9m 5,899-square-foot unit in Park Nova.

Meanwhile, the luxury home rental market picked up in Q1, driven by foreigners waiting for the approval of their permanent residency in Singapore. Overall monthly rents of luxury non-landed homes were up by 6.6% QoQ to $14,672.

After the sharp increase in activities, the market has settled into a more relaxed pace in Q2, partly due to the tariffs announced by the United States. 

Further, Huttons expects more luxury non-landed projects to be launched in the coming months.