Luxury condo sales volume down 3.5% q-o-q in 3Q2024: Huttons Asia
The largest GCB sell 3Q2024 was a real estate in Tanglin Hill that was reportedly sold for $93.9 million, or $6,198 psf on its land area of 15,150 sq ft.
Looking forward, Yip thinks sale and rental deals for the upscale apartment market could be higher in 4Q2024, generated by need from ultra-wealthy foreign locals in the UK finding to transfer ahead of suggested tax obligation change, featuring the abolishment of a tax program that provides concessions for residents with offshore capital.
The Good Class Bungalow (GCB) market likewise viewed a pick-up in action in 3Q2024. An approximated 12 GCBs were sold last quarter, up from eight GCBs in 2024. The bungalows marketed in 3Q2024 fetched a total amount of $541.2 million, 80.9% greater q-o-q.
“Due to the potential change to the tax status of some 74,000 non-domiciled tenants in the UK, some of these ultra-wealthy international people may move abroad to guard their possessions. The states present include Dubai, Italy, Singapore and Switzerland,” Yip says.
Newport Residences condo price
The deluxe apartment market saw a downturn in sales in 3Q2024, according to information gathered by Huttons Asia. In its newest Prestige Report that monitors the premium residential market, the consultancy says a calculated 55 luxury non-landed homes– which it defines as condo units found in the Core Central Region that are sized from 2,000 sq ft and valued at $5 million and above– were marketed in 3Q2024 for $407.7 million. This represents a 3.5% decrease in transactions amount and a 15.5% decrease in sales value compared to the 57 luxury condo units sold for $482.5 million in 2Q2024.
Yip indicates that there were 8 deluxe non-landed homes settled at $10 million and above in 3Q2024, that is 2 less than the 10 offers logged in the recent quarter. “However, there were some non-caveated offers like a five-bedroom unit in Hilltops (a property high-class condo on Cairnhill Circle) that was claimed to be sold at around $13 million,” he proceeds.
In the rentals market, the total average monthly rent of luxury non-landed homes increased 2.7% q-o-q to $14,932. The report includes that there was more attention in four-bedroom high-end condominium units, with the average rental fee for this classification growing at a much faster speed of 3.6% to hit $18,389 per month throughout the quarter.
This brings the variety of GCB offers to 25 for the first 9 months of the year, going beyond the 20 that were estimated to have actually negotiated for the entire of 2023. The total worth of GCBs marketed to date this year appear at $958.7 million.
In the GCB rental market, the leading leasing deal in 3Q2024 was for a GCB in Chatsworth Park that brought a month-to-month rent of $120,000.
The most significant high-end apartment deal in 3Q2024 was the developer sale of a 4,198 sq ft unit at 32 Gilstead for $14.71 million ($3,505 psf). The property development on Gilstead Street by Kheng Leong Co additionally saw the second and third-largest deals throughout the quarter. The units sold are both 4,209 sq ft apartments that fetched $14.65 million ($3,480 psf) and $14.44 million ($3,432 psf) specifically in September.
Nevertheless, the numbers present a significant enhancement contrasted to the 37 luxury condominium units cost $295.8 million that Huttons disclosed in 3Q2023. During the time, the market was staggering from the April 2023 roll-out of cooling down steps, including a hike in additional buyer’s stamp duty (ABSD) for immigrants to 60%, together with an anti-money laundering crackdown in August 2023.
On a y-o-y basis, deluxe apartment sales quantity is raise 48.6% in 3Q2024, while sales worth is up 37.8%. “Activities in the luxury non-landed homes market are back to the pre-cooling procedures days,” states Mark Yip, Chief Executive Officer of Huttons Asia.
Yip notices that enquiries in the high-end condo market have increased, with lots of originating from newly-minted Long-term Residents (PRs) and people who had requested their PR or citizenship last year following the hike in ABSD. “A lot of them bought a luxurious non-landed home upon approved of their PR or citizenship,” he states.
