{"id":101542,"date":"2018-11-22T11:28:30","date_gmt":"2018-11-22T04:28:30","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-condo-prices-hit-record-high-in-q3\/"},"modified":"2018-11-22T12:02:53","modified_gmt":"2018-11-22T05:02:53","slug":"luxury-condo-prices-hit-record-high-in-q3","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-condo-prices-hit-record-high-in-q3\/","title":{"rendered":"Luxury condo prices hit record high in Q3"},"content":{"rendered":"


\nView of luxury apartments in Singapore.
\nThe average price of resale luxury condos in Singapore reached a new record high of $2,063 psf in Q3 2018, likewise for new sales of high-end condos at $2,819 psf, according to a new report from OrangeTee & Tie.
\nThe most expensive luxury home sold during the third quarter was a 438 sq m (4,714.6 sq ft) resale unit on the 17th floor of the Urban Resort Condominium that changed hands for $13.9 million, which works out to $2,948 psf.
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\nThis was followed by a 273 sq m (2,938.5 sq ft) unit at Bishopsgate Residences for $11.5 million ($3,913 psf). Two luxury condos were also snapped up for $11 million each \u2013 a 290 sq m (3,121.5 sq ft) unit on the 16th floor of Twentyone Angullia Park and a 285 sq m (3,067.7 sq ft) unit on the13th level of 336 River Valley, which were sold for $3,524 psf and $3,586 psf respectively.
\nHowever, sales of upscale condos in the Core Central Region (CCR) plunged by 40.5 percent to 569 units on a quarterly basis in Q3. Nonetheless, transactions of non-landed homes costing at least $3 million remained robust at 187 units, surpassing the five-year average of 173 units from Q3 2013 to Q2 2018. Figures exclude bulk purchases involving more than five units per deal.
\n\u201cThe steady demand for luxury demand homes above $3 million suggests that Singapore remains a top investment destination among high net-worth individuals (HNWI) and affluent foreigners,\u201d said OrangeTee & Tie\u2019s research head Christine Sun.
\nIn particular, 62 luxury condos priced at $5 million or above were transacted in Q3. There were also seven sales of high-end condos costing at least $10 million, of which six occurred after the latest property cooling measures were imposed on 6 July.
\nMeanwhile, the property consultancy noted that despite the new curbs, foreigners and permanent residents (PRs) accounted for 6.1 percent and 15 percent of non-landed home sales here respectively versus 5.6 percent and 13.6 percent in the second quarter.
\nMainland Chinese remained the top foreign buyers of non-landed homes in Q3, followed by Malaysians and Indonesians. In particular, 63.1 percent of mainland Chinese, 71.2 percent of Indians and 82.4 percent of Malaysians purchased units costing under $1.5 million.
\n\u201c48.7 percent of Indonesians, 42.1 percent of Koreans and 42.9 percent of Taiwanese bought private homes above $2 million. 15.4 percent of buyers from Australia and the UK, 13.3 percent of those from the US and 11.5 percent from Indonesia bought luxury homes at $4 million and above.\u201d
\n\u201cThe ongoing US-China trade war may have spurred some Mainland Chinese to park their monies here to hedge against the devaluation of the yuan. Indonesians may have also transferred their funds to Singapore as a hedge against further depreciation of the rupiah,\u201d noted OrangeTee & Tie.
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\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Luxury condo prices hit record high in Q3<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

View of luxury apartments in Singapore. The average price of resale luxury condos in Singapore...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-101542","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-qpM","jetpack-related-posts":[{"id":123277,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/yong-an-park-unit-registers-8-7mil-gain\/","url_meta":{"origin":101542,"position":0},"title":"Yong An Park unit registers $8.7mil gain","date":"November 17, 2021","format":false,"excerpt":"\r The 6,577 sq ft Yong An Park unit, which sold for $12.5 million, is currently the most profitable resale transaction recorded, with an $8.7 million gain. Source: Google Maps The sale of a 6,577 sq ft unit at Yong An Park in District 9 emerged as the most profitable\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/11\/Yong-an-Park.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":94037,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-freehold-condos-launched-for-en-bloc-sale\/","url_meta":{"origin":101542,"position":1},"title":"Two freehold condos launched for en bloc sale","date":"July 17, 2018","format":false,"excerpt":"\r Two freehold condominiums in Singapore\u2019s central area have been launched for collective sale despite the new property cooling measures, reported the Business Times. The 24-unit Summer Green in Balestier Road is up for grabs at a reserve price of $48 million, which works to around $1,178 psf per plot\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113578,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/20-the-avenir-units-sold-over-launch-weekend\/","url_meta":{"origin":101542,"position":2},"title":"20 The Avenir units sold over launch weekend","date":"January 13, 2020","format":false,"excerpt":"\r The weekend launch saw 20 of the 40 released units sold, with average prices hitting $2,960 to $3,560 psf. The Avenir, a freehold ultra-luxury condominium project in River Valley, sold 20 of the 40 units released over the weekend, with average prices hitting $2,960 to $3,560 per sq ft\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120252,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/five-penthouses-at-marina-bay-residences-up-for-sale-for-138mil\/","url_meta":{"origin":101542,"position":3},"title":"Five penthouses at Marina Bay Residences up for sale for $138mil","date":"February 9, 2021","format":false,"excerpt":"\r Five penthouses at Marina Bay Residences up for sale for $138milSpanning levels 50 to 54, the five penthouses feature a combined 24 bedrooms as well as a 25m rooftop pool.\u00a0Combining the units will yield a super penthouse with 28,258 sq ft of strata area. Five penthouses at Marina Bay\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/02\/Marina-Bay-Residences.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":101850,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-orchard-condo-sells-nearly-50-of-units-released\/","url_meta":{"origin":101542,"position":4},"title":"Luxury Orchard condo sells nearly 50% of units released","date":"November 30, 2018","format":false,"excerpt":"\r View of 8 St Thomas from the spa pool. (Photo: Ian Galloway) The 8 St Thomas luxury condo in prime District 9 has found buyers for almost half of the units released for sale since the project held its private preview in August and the public preview a month\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":108094,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-condo-sold-at-50-loss\/","url_meta":{"origin":101542,"position":5},"title":"Sentosa Cove condo sold at 50% loss","date":"June 14, 2019","format":false,"excerpt":"\r Cushman & Wakefield data showed that resale property prices on the resort island fell to $1,367 per sq ft (psf) \u2013 a record low since luxury residential properties were first launched in Sentosa Cove in November 2004. 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