In the first half of 2025, the prime non-landed residence market experienced a remarkable surge, as sales soared to $997.5 million, a striking 60.9% increase from the previous half-year. This growth marked a significant turnaround for the market, which had previously recorded sales of $620.1 million in the latter half of 2024. The increase in sales volume was accompanied by a boost in the number of units sold, rising from 85 units in 2H2024 to 120 units in the first half of 2025.
The average price for luxury condominiums also saw an upward trajectory, climbing to $2,534 per square foot (psf), reflecting a 10.6% increase from $2,291 psf in the prior half-year. This price surge indicates that buyers are increasingly willing to invest in premium properties, underscoring a shift in sentiment towards the real estate market. The data highlights a growing confidence among local homebuyers, who have become more prominent in driving demand, especially in light of existing foreign buyer restrictions.
Key transactions during this period further illustrated the market’s robust performance. A notable sale was a penthouse at Park Nova, which fetched an impressive $38.888 million at a price of $6,593 psf. Another significant transaction involved a unit at Skywater Residences, which sold for $30.87 million at $5,841 psf. These high-value transactions indicate that buyers are not only active but are also prepared to pay substantial premiums for new and desirable products in the market.
The improved buyer sentiment can be attributed to several factors, including a recovering economy and a renewed interest in urban living. The combination of favorable market conditions and the allure of prime residential properties has sparked a competitive environment among buyers. The willingness to pay higher prices reflects a desire for quality living spaces that cater to affluent lifestyles, further driving the demand for luxury condos.
Market analysts have noted that the dynamics of the prime condo market have evolved, with local buyers playing a more pivotal role. This shift has led to heightened competition for desirable units, which has, in turn, stimulated price growth. The trend suggests that buyers are increasingly discerning, seeking out properties that offer not just luxury but also exclusivity and prime locations.
As the first half of 2025 unfolds, the prime non-landed residence market continues to demonstrate resilience and adaptability, navigating the complexities of economic fluctuations and policy changes. The strong sales performance and rising average prices set a promising tone for the remainder of the year, as stakeholders in the real estate sector remain optimistic about future growth.
The current trends signify that the prime condo market may well sustain its momentum, reflecting a robust appetite for luxury living in an evolving landscape.
NEW CONDO LAUNCH: BOULEVARD COAST
Boulevard Coast is an upcoming luxury condo development designed to meet the rising demand for premium residences in the market.
With spacious units and competitive pricing strategies, it aims to attract local homebuyers seeking high-value investments.
The Boulevard Coast project details highlight its strategic location and modern amenities, aligning with the recent sales growth in the prime non-landed residences sector.
Interested buyers can explore the Boulevard Coast floor plan and site plan for more information.
View Boulevard Coast Condo ShowFlat & Get VVIP Discount.
Register or contact 6100 8822 to book showflat appointment.
News Source: Edgeprop
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