New Reporter
13-07-23, 12:33
Singapore prime non-landed home sales ease to S$1.1 billion in H1 2023
Jul 12, 2023
THE total sales value of private prime non-landed residential property in Singapore fell to S$1.1 billion in the first half of 2023, said real estate consultancy Knight Frank.
There was a 23 per cent decline in total sales value in the first six months of the year, compared to the S$1.4 billion recorded in H2 2022, the consultancy said in a residential market update.
The number of sales transactions also fell over the same period – only 126 luxury non-landed homes were sold in H1 2023, while 163 such deals were transacted in H2 2022.
The impact from the Additional Buyer’s Stamp Duty contributed largely to the lower transaction numbers, said Knight Frank. In April 2023, the rate was doubled to 60 per cent for foreign purchasers.
Despite the fall in overall sales value, the average price per square foot (psf) remained resilient and rose 4.7 per cent to S$2,580 in H1 2023, from S$2,464 in H2 2022, said the consultancy.
It defines prime non-landed residential homes as units with a floor area greater than, or equal to, 2,500 sq ft, and which fall within Districts 1, 2, 4, 9, 10 and 11. These areas include the Central Business District, Orchard Road, Sentosa, Bukit Timah and Thomson.
Two units at Les Maisons Nassim were the top sales in the first half of 2023 for uncompleted homes. They were sold for S$45 million (S$5,213 psf) and S$36 million (S$5,727 psf).
Based on Knight Frank’s analysis, Sentosa had the highest number of prime non-landed homes changing hands, with 31 out of 48 sales in District 4. The consultancy attributed this to the spillover demand for such units from mainland Singapore, as the number of buyers continues to outweigh the limited availability of saleable stock in prime districts on the mainland.
Knight Frank noted that the lower number of foreign buyers will “characterise the slowing market for prime homes in the remainder of 2023”.
It added: “The recent measures also resulted in potential sellers withdrawing their properties from the market, even though demand from wealthy locals, permanent residents and naturalised citizens remains.”
The total sales value of prime landed homes stood at S$2.7 billion for H1 2023, similar to the amount in H2 2022. In terms of average value, prices rose 9.9 per cent to S$1,996 psf in the first half of 2023, from S$1,817 psf in H2 2022.
Knight Frank defines prime landed homes as those being sold for S$5 million and higher.
The consultancy added that buyers are still willing to pay a premium for such properties, despite economic headwinds. It expects price growth to “continue in a steady fashion, with more buyers than sellers in the second half of the year”.
https://www.businesstimes.com.sg/property/singapore-prime-non-landed-home-sales-ease-s11-billion-h1-2023
Jul 12, 2023
THE total sales value of private prime non-landed residential property in Singapore fell to S$1.1 billion in the first half of 2023, said real estate consultancy Knight Frank.
There was a 23 per cent decline in total sales value in the first six months of the year, compared to the S$1.4 billion recorded in H2 2022, the consultancy said in a residential market update.
The number of sales transactions also fell over the same period – only 126 luxury non-landed homes were sold in H1 2023, while 163 such deals were transacted in H2 2022.
The impact from the Additional Buyer’s Stamp Duty contributed largely to the lower transaction numbers, said Knight Frank. In April 2023, the rate was doubled to 60 per cent for foreign purchasers.
Despite the fall in overall sales value, the average price per square foot (psf) remained resilient and rose 4.7 per cent to S$2,580 in H1 2023, from S$2,464 in H2 2022, said the consultancy.
It defines prime non-landed residential homes as units with a floor area greater than, or equal to, 2,500 sq ft, and which fall within Districts 1, 2, 4, 9, 10 and 11. These areas include the Central Business District, Orchard Road, Sentosa, Bukit Timah and Thomson.
Two units at Les Maisons Nassim were the top sales in the first half of 2023 for uncompleted homes. They were sold for S$45 million (S$5,213 psf) and S$36 million (S$5,727 psf).
Based on Knight Frank’s analysis, Sentosa had the highest number of prime non-landed homes changing hands, with 31 out of 48 sales in District 4. The consultancy attributed this to the spillover demand for such units from mainland Singapore, as the number of buyers continues to outweigh the limited availability of saleable stock in prime districts on the mainland.
Knight Frank noted that the lower number of foreign buyers will “characterise the slowing market for prime homes in the remainder of 2023”.
It added: “The recent measures also resulted in potential sellers withdrawing their properties from the market, even though demand from wealthy locals, permanent residents and naturalised citizens remains.”
The total sales value of prime landed homes stood at S$2.7 billion for H1 2023, similar to the amount in H2 2022. In terms of average value, prices rose 9.9 per cent to S$1,996 psf in the first half of 2023, from S$1,817 psf in H2 2022.
Knight Frank defines prime landed homes as those being sold for S$5 million and higher.
The consultancy added that buyers are still willing to pay a premium for such properties, despite economic headwinds. It expects price growth to “continue in a steady fashion, with more buyers than sellers in the second half of the year”.
https://www.businesstimes.com.sg/property/singapore-prime-non-landed-home-sales-ease-s11-billion-h1-2023