Luxury condo average prices will drop 7% year over year in 2022

For 2022 there were an edgier selection of penthouses for sale than 2021 due to the absence of brand new luxury projects launching. 7 of the 10 top luxury condo deals based on the psf value in 2022 were located at Les Maisons Nassim. The three lowest-ranked units were on the 22nd floor located at Boulevard 88 ($4,924 psf) as well as a third-floor unit in the Nassim ($4,915 per sq ft) and a 17th-floor unit in Ardmore Park ($4,881 psf).

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For 2021 Les Maisons Nassim accounted for four of the top 10 deals for condos, in addition, Park Nova penthouses accounted for three. The three remaining most sought-after deals of 2021 included the super penthouse in CanningHill’s Piers ($5,360 per square foot), Eden ($6,024 psf), which was the second-highest in terms of psf last year) as well as Klimt Cairnhill ($5,309 per square foot).

The size for the 10 most popular deals in 2022 was 2.4% smaller than those in 2021, as per Han Huan Mei, director of research at List Sotheby’s International Realty. The average cost for the 10 top transactions of 2022 was 4% less than the average of 2021, Mei says.

The median price per square foot for the most expensive 10 luxury condo deals for 2022 is 6.7% lower than that recorded in 2021. List Sotheby’s Han believes this is due to the higher prices of luxury condominiums that were which were announced last year.

The most expensive condo purchase by psf during 2021 was the $7,500 square foot super penthouse in Les Maisons Nassim that was bought for $72.5 million, or $6,210 per square foot in the month of October 2021.

The second-largest penthouse in Les Maisons Nassim, at 12,066 square feet, came as $59.77 million as of the beginning of February 2022. It was the second-highest price according to the absolute price. With a price of $4,953 per square foot it was the cheapest psf that was sold for at Les Maisons Nassim since Shun Tak Holdings began the project in May of last year. This was the seventh most expensive penthouse in the top 10 properties on a psf basis for this year. There are just 14 units available at Les Maisons Nassim, with apartments starting at 6,000 square feet.

The third penthouse, the smallest located at Les Maisons Nassim, sized at 11,227 square feet, was sold for $68 million in October of this year. At $6,057 per sq ft this was the most expensive condo purchase in 2022, in a psf basis.

In 2022, the cost of luxury condos on the resales market also rose in the same year, with three being included in the top 10 list of. The $4,881 psf recorded by the property located at Ardmore Park in July 2022 was the most expensive price for a psf in the 330-unit freehold condo development that was first launched in June 1996, and was completed in 2001.

The Nassim the Nassim the 4,069 square foot four-bedroom condo located on the third level of the five-storey low-rise development was bought at a price of $20m in the month of May of this year. It was priced at $4,915 per square foot. was a record of the luxury 55-unit condominium which was completed in. “It’s an all-time high for a non-penthouse unit within the building,” says List Sotheby’s Han.

At Boulevard At Boulevard, it is a 2,799 square foot four-bedroom apartment located on the 22nd level of the 28-storey, luxurious residential twin towers was purchased at $13.78 million ($4,836 per square foot) at the end of December. The sale was a sub-sale and the previous owner purchased the property in July of the year 2019 at $10.32 million ($3,688 per square foot). Boulevard 88, a 154-unit development Boulevard 88 is a twin-tower residential project that is situated on the top of an eight-storey 190-room The Singapore Edition hotel.

With the growing demand for large units Some developers are willing to provide certain units for those looking to merge them or to families who wish to be close to one another within the same apartment. This is evident on the site of the 54 unit Park Nova by Shun Tak Holdings as well as the five-bedroom Midtown Modern, in which developer GuocoLand introduced the Sky Bungalow Collection in July this year.

The Park Nova Park Nova, two four-bedroom apartments located on the fourth and third levels that have a combined strata size of 4,413 sq feet were purchased to a buyer for 20 million ($4,532 per square foot) on August 20, 2022. The buyer is an Singaporean who is planning to merge the two units to form one duplex.

The remaining two 1,432 sq ft three-bedroom apartments located on the 11th and 10th floor in Park Nova were sold for $6.434 million ($4,494 per square foot) in addition to $6.504 million ($4,541 per square foot) and $6.504 million, respectively, in November in accordance with URA Realis. These units were bought by relatives who wanted to be close to one their families.

The property was located at Midtown Modern, six pairs of units were put up to be sold as part of the Sky Bungalow Collection in July 2022. The first units that were sold were two 1,808 square feet four-bedroom units in levels 29 and 30,, which sold for $17 million. With a price of $4,700 per square foot these units racked up the highest price per square foot in the development’s history to date.

The unit was sold in August. It is a 1,808 square 4 ft four-bedroom home located on the 11th level of Midtown Modern and another 1,808 sq ft apartment located on the 12th level were bought at $4.72 million ($2,610 per sq ft) as well as $4.76 million ($2,632 per square foot) respectively. They were said to be bought by relatives who would like to live close to one another. They are not apart of Sky Bungalow Collection. Sky Bungalow Collection.

There are a number of mixed-use developments featuring high-end homes in the downtown part within the Core Central Region (CCR) are scheduled to be launched in 2023. “They might offer penthouses that carry premium prices,” notes List Sotheby’s Han. One of they is the redevelopment plan for eight units of the 200-unit Shenton Way (former AXA Tower) by a consortium backed by Perennial Holdings and Alibaba Group that is expected to become the tallest building in Singapore. Another one is two-46 units of Newport Residences (former FujiXerox Towers) developed by City Developments Ltd.

The project in the pipeline for debut is the 686 unit Marina View condo owned by IOI Properties. It’s located on an undeveloped site located at Marina View, which IOI acquired through a land sale worth $1.508 billion back in the month of September. The mixed-use project that is planned for the future will include the hotel.

“Investors are also seeking large projects, and they are usually scarce,” says Han. “The UHNW [ultra-high net worthforeign investors are drawn to these high-end projects since they do not have restrictions on ownership and they are considered to be safe investments.”

Based on Bruce Lye, co-founder and managing partner of SRI SRI, more Chinese buyers have stepped into the Singapore premium residential market, which includes those who already reside in Singapore as Singapore permanent residents and citizens (PRs). “Some of these foreigners and PRs previously rented houses,” he says. “With rents soaring up to the sky or tripled in some instances The PRs are of the opinion that it’s better to own an apartment than rent.”

Risks of a growing global recession, the stubbornly high interest rates and the ongoing conflict in Ukraine and Russia Russia and Ukraine could result in a decrease in investments from foreign investors, according to Lewis Cha, executive director of List Sotheby’s International Realty.

But, the measures to cool down implemented in government officials of the Singapore government have proven to be an effective safeguard against excessive borrowing. “The residential market could slow in 2023 due to an eventual price adjustment, however, local homeowners will be able to remain on the right track and fulfill their loan obligations,” Cha says. Cha.