Singapore Luxury Residential Figures H2 2023

March 12, 2024 10 Minute Read

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Executive Summary

  •    In H2 2023, 9 GCBs worth $202.05 mil were transacted, a 64.9% decline from the $575.27 mil across 14 GCBs sold in H1 2023. This brought 2023’s full-year tally to 23 GCBs, a historic low since data was available from 1996.
  •    Market sentiment was further undermined by an ongoing money laundering crackdown. At the same time, after prices soared some 70% over the past three years, buyers are baulking at high asking prices.
  •    If interest rates start easing and the economy recovers strongly in H2 2024, the price gap between buyers and sellers could narrow and GCB market activity could pick up.
  •    Amid economic weakness, a protracted rate hike cycle and recent cooling measures, Sentosa Cove property sales continued to soften in H2 2023. 9 Sentosa Cove bungalows worth $175.05 mil were sold in 2023, a 48.2% y-o-y decline from the $337.70 mil across 18 bungalows in 2022, and the lowest since 2019.
  •    155 luxury apartment units with a total transaction value of $1.544 bn were sold in 2023, down from 223 units worth $2.182 bn in 2022, and the lowest since 2020. Average prices still rose 2.2%, on limited premium stock.
  •    In the near term, sentiment remains soft due to economic uncertainties, cooling measures and the ongoing money-laundering investigations. In the longer term, Singapore’s strong fundamentals as a business hub should continue to draw investors looking for a safe haven to the luxury residential market.