Singapore Luxury Residential Figures H2 2024

Executive Summary

• In H2 2024, 21 GCBs worth $865.90 mil were transacted, 75.7% higher than the $492.90 mil across 14 GCBs sold in H1 2024. This brought 2024’s full-year sales tally to 35 GCBs, recovering from a historic low of 23 in 2023.
• Market sentiment has stabilised after clarity on the money laundering case, with transaction activity and sales seeing a sequential rebound supported by lower interest rates.
• Looking ahead, the positive momentum in the GCB market could continue into 2025 after H2 2024’s strong rebound on interest rate cuts and as buyers which were on the sidelines return to the market.
• The Sentosa Cove market observed a muted performance in H2 2024. Sentosa Cove bungalow sales were tepid while Sentosa Cove condominium sales normalised following the uptick in H1 2024. Prices for both bungalows and condominiums declined.
• Luxury apartment sales remained weak since the doubling of ABSD for foreigners in April 2023. 20 luxury apartment units with a total transaction value of $228.43 mil changed hands in H2 2024, down 39.8% h-o-h from the $379.75 mil across 34 units in H1 2024. Average luxury apartment prices rose 2.9% y-o-y in 2024, driven by rate cuts and limited new supply.
• Hefty cooling measures continue to weigh on the luxury apartment and Sentosa Cove markets which now face a limited pool of high-net-worth investors. Nonetheless, demand could see a pickup in 2025, supported by lower interest rates and increased demand from newly-minted PRs and citizens who will be subject to lower ABSD.