Singapore’s Prime Residential Sales Remain Firm In H1 2024

Prime home transactions in Singapore remained brisk in the first half of 2024, exceeding H2 2023’s figures across all residential types in terms of both sales value and transaction numbers.

The latest report by Knight Frank showed that a total of 98 luxury non-landed homes changed hands with a total sales volume of S$736.7 million, up 28.2 per cent from S$574.7 million across 72 transactions in the previous half-year period.

The top luxury non-landed home transaction during this period was the sale of a penthouse unit at Skywaters Residences at S$6,100 per square foot (psf), or S$47.3 million.

Nicholas Keong, head of residential and private office at Knight Frank, said the increase in prime non-landed sales values was largely driven by buyers who continue to seek “family-sized, ready-to-move-in units primarily for their homestay”.

He however noted that this was the second consecutive half-year period where total prime home sales value amounted to less than S$1 billion, and attributed this to “suppressed demand” from the government’s property cooling measures.

“Despite the pickup in transactions, the prime non-landed home market remains uncertain, hamstrung by cooling measures,” noted Keong.