Singapore Luxury Residential Figures H1 2024

Executive Summary

• In H1 2024, 13 GCBs worth $457.08 mil were transacted, double the $202.05 mil across 9 GCBs sold in H2 2023, albeit still down 20.5% y-o-y from the $575.27 mil across 14 GCBs transacted in H1 2023.
• Sales saw a sequential rebound possibly on better sentiment after clarity on the money laundering case, recovering stock markets and more realistic price expectations from owners with a genuine motivation to sell.
• Looking ahead, a narrowing bid-ask spread between keen buyers and motivated sellers, and a clearer interest rate outlook could spur more GCB market activity in H2 2024 and 2025.
• The Sentosa Cove market observed a mixed performance in H1 2024. Sentosa Cove bungalow sales remained tepid while Sentosa Cove condominium sales jumped on a significant developer price cut. Prices for both bungalows and condominiums declined.
• Luxury apartment sales remained weak since the doubling of ABSD for foreigners in April 2023. 46 luxury apartment units with a total transaction value of $458.04 mil changed hands in H1 2024, down 24.0% h-o-h from the $602.65 mil across 65 units in H2 2023. Average luxury apartment prices fell 5.5% in H1 2024.
• Hefty cooling measures continue to weigh on the luxury apartment and Sentosa Cove markets. Amid delayed rate cuts and overhang over luxury properties seized from money laundering associates, activity could remain subdued in H2 2024.