Here are the top 5 Singapore luxury non-landed residential transactions in H1

The top 3 transactions came from the Les Maisons Nassim project.

Singapore’s luxury non-landed sales declined 43.7% from H2 2021 to H1 2022, totalling S$1.1 billion for 125 units sold. 

According to Knight Frank, new projects like Les Maisons Nassim continued to record top-quantum sales. The top three transactions in terms of sale value in H1 2022 came from the development, selling at unit prices ranging from S$4,953 to S$5,461 psf (S$34.6 to S$59.8 million) (see below). 

A resale unit at The Nassim, likely bought by a Chinese national, was the fourth highest quantum sale in H1 2022 at S$20.0 million, validating the rarity and demand for luxury-sized units that are in pristine ready-to-move-in condition. 

Here’s more from Knight Frank:

The first quarter of 2022 recorded a steep decline in prime non-landed sales due to the Additional Buyers’ Stamp Duty (ABSD) hikes on foreign buyers imposed in the cooling measures announced in December 2021, with total sale value in Q1 2022 declining by some 50.6% q-o-q to S$460.7 million with 50 units sold. 

However, sentiments started to improve in Q2 2022 as investors searched for safe havens in an uncertain world, and as the opening of borders heralded a return in foreign interest. As a result, transaction values recovered by 29.4% q-o-q in Q2 2022, to S$596.3 million with 75 units sold. Nevertheless, a lack of saleable stock in family-sized units continued to limit sales. 

Instances of foreign buyers’ interest included a stack of 22 luxury apartments in Draycott Eight, reported to be in exclusive due diligence with an Indonesia family with a view of buying the units. Located in the prime District 10 and with units sized around 2,900 sf and a duplex penthouse of 4,069 sf, the total sale value is estimated at S$168 million. 

Market Outlook

The global pandemic has created a premium on stability in an uncertain world, and the globally mobile wealthy may still be prepared to pay the 30% ABSD as a premium for entry. Given the amount of anecdotal interest and enquiries from potential foreign homebuyers, luxury non-landed homes, especially fully-furnished larger-sized units ready for immediate occupation, will remain strong with more sales in 2022 as cross-border travel increases to pre-pandemic levels.