Singapore luxury apartment prices grow 2% to $3,200psf in H1

The most expensive penthouse was sold for almost $60m.

According to a CBRE report, 115 caveats were lodged for luxury apartments in Singapore’s Core Central Region (CCR) with a total transaction value of $1.075 bn in H1 2022. Sales volumes remained firm from the 104 units sold in H1 2021 despite property curbs, supported by the full reopening of Singapore’s borders in Apr 2022.

Average luxury apartment prices rose 2.0% to $3,200 psf in H1 2022 from end-2021 as per data from CBRE. Notably, the most expensive apartment sold in H1 2022 was a penthouse at Les Maison Nassim for $59.77 mil ($4,953 psf). Another 6,771 sq. ft. unit on the fourth floor of Les Maison Nassim sold for $36.98 mil ($5,461 psf), the highest on a psf basis in H1 2022.

Here’s more from CBRE:

Moving forward, the challenging global macro-economic environment and sharply rising interest rates could take a toll on overall investor sentiment and investment volumes. However, prices in the luxury residential market could remain firm as investors continue to view Singapore favourably as a safe haven amid geopolitical tensions and economic uncertainties.

CBRE Research expects interest in luxury apartments and Sentosa Cove bungalows to remain resilient in 2022, supported by the return of international travel to pre-pandemic levels and investor confidence in Singapore’s property market.

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