SINGAPORE: Singapore’s luxury housing market has made a strong recovery compared to the previous six months. According to Knight Frank’s latest data, sales of prime condominiums surged by 28%. Singapore Business Review reported that in the first six months of the year, 98 transactions for prime non-landed residential units totalled S$737 million, up from S$575 million in the latter half of 2023, when 72 homes were sold.
The luxury landed residential segment also experienced an uptrend, with a total sales volume of S$2.6 billion across 284 homes in H1 2024, compared to S$2.2 billion from 263 homes in H2 2023.
Similarly, the Good Class Bungalows (GCBs) market saw heightened interest, with five properties fetching S$217.5 million in the first half, a stark contrast to the S$51.2 million generated from two GCB sales in the preceding period.
Driving these transactions are owner-occupiers seeking spacious, move-in-ready units suitable for families, said Knight Frank. The rise in sales has also had a moderate impact on property prices. Average prices for prime non-landed homes edged up by 0.
9% to S$2,339 per square foot (psf) in H1 2024, compared to S$2,319 psf in H2 2023. Meanwhile, the average transaction price for landed residential properties dipped slightly from S$1,904 psf to S$1,897 psf over the same period. GCBs, however, witnessed a significant price increase, rising to S$2,217 psf in H1 2024 from S$1,712 psf in H2 2023.
Nicholas Keong, Head of Residential and Private O.