Resilient 1H2024 Growth in CCR Non-Landed Property Market
In the first half of 2024, the non-landed property market in the Core Central Region (CCR) showed resilient growth despite a slight moderation in the second quarter. Prices in the CCR adjusted by 0.2% in 2Q2024, following a 3.4% increase in 1Q2024. Overall, non-landed prices in the CCR rose by 3.2% during the first half of 2024, significantly outpacing the 0.8% increase seen in the first half of 2023. This growth was likely driven by an increase in transactions at the $10 million and above price point, highlighting the robustness and potential of the non-landed property sector in the CCR.
Top-Selling New Project Launches in CCR for 1H2024
The best-selling new project launches in the CCR for the first half of 2024 included:
• 19 Nassim: Sold 35 units at a median price of $3,334 per square foot (psf).
• Watten House: Sold 33 units at a median price of $3,246 psf, attributed to its location in a sought-after Good Class Bungalow neighborhood.
• Klimt Cairnhill: Sold 32 units at a median price of $3,402 psf.
• One Bernam: Sold 16 units at a median price of $2,690 psf.
• Enchanté: Sold 9 units at a median price of $2,821 psf.
The scarcity of new project launches within the CCR has fueled a healthy level of interest among buyers and investors.
Skywaters Residences Leads High-Value CCR Launches in 1H2024
High-value new launch condominiums, particularly those priced at $10 million and above, saw notable transactions in 1H2024. Key developments included:
• Skywaters Residences: Achieved a record price of $47.3 million ($6,100 psf) for a unit, setting a new benchmark for luxury living.
• 32 Gilstead: Transacted three units at prices around $14.5 million.
• Watten House: Continued strong performance with units sold around $11.8 to $12.2 million.
These transactions underscore the enduring appeal of premium properties to wealthy foreign investors, with Skywaters Residences capturing significant interest due to its exclusive residential experience and prime location.
Underlying Presence of High-Value Resale Condo Transactions in 1H2024
The resale condominium market in 1H2024 also saw significant transactions, particularly those exceeding the $10 million threshold. Notable transactions included:
• The Ritz-Carlton Residences Singapore, Cairnhill: Two units sold for $16.5 million each ($5,397 psf).
• St Regis Residences Singapore: Sold a unit for $14 million.
• Hilltops, The Marq On Paterson Hill, Ardmore Park, and 3 Orchard By-The-Park: All saw high-value transactions.
These sales highlight the continued demand for luxury resale properties in prime locations.
Modest Increase in Foreign Purchases of Non-Landed Properties in 2Q2024
Foreign purchases of non-landed properties increased modestly in 2Q2024, rising from 21 units in 1Q2024 to an estimated 45 units. This marks the highest number of units purchased by foreigners since 2Q2023. Despite higher Additional Buyer's Stamp Duty (ABSD) rates, foreign buyers continue to be significant players in the property market, reflecting the enduring appeal of the CCR segment.
Outlook
The outlook for the CCR market in the second half of 2024 remains cautiously optimistic. The positive performance in the first half, coupled with high-value transactions and gradual growth in foreign buyer interest, suggests a resilient market. Upcoming projects like One Sophia/The Collective at One Sophia are expected to attract significant interest due to their prime locations and excellent accessibility. Investors and buyers are encouraged to stay attentive to market trends and emerging opportunities, particularly in high-value segments. The CCR's premium properties, with their strategic locations and exclusive amenities, are likely to maintain their attractiveness to both local and international buyers.
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Prepared By:
Mohan Sandrasegeran
Head of Research & Data Analytics