Ultra-luxury condo sales see uptick in Q1 despite subdued economic outlook

17 sales compared with 7 in same period in 2024, but market watchers remain cautious

- Joyce Lim Senior Correspondent

The ultra-luxury condominium market in the Republic appears to be regaining some traction, with 17 sales recorded in the first three months of 2025.

This is more than double the seven units sold in the same period in 2024, and more than both the 15 units sold in the first quarter of 2023 and the 14 sold in the same period in 2022, before the additional buyer's stamp duty (ABSD) on foreign buyers was raised to 60 per cent in April 2023.

Urban Redevelopment Authority data showed that from January to May 22, 2025, there were 24 ultra-luxury condos—defined as units priced at $10 million and above in the core central region (CCR)—sold, exceeding the 17 units transacted in the first half of 2024.

Among the standout transactions in 2025 was a penthouse at Park Nova in Tomlinson Road, which changed hands for $38.888 million, or $6,593 per sq ft (psf)—the second-highest psf achieved.

The highest psf record still belongs to a 3,089 sq ft unit at The Marq on Paterson Hill, which was sold for $6,650 psf in November 2011.

Four deals exceeding $20 million each were recorded at 21 Anderson, a new freehold development by Kheng Leong, the real estate arm of the family of late banker Wee Cho Yaw.

These high-end deals come as the economic outlook remains subdued. Singapore's gross domestic product growth forecast for 2025 remains at a modest 0 per cent to 2 per cent, reflecting broader global uncertainties.