Singapore prime non-landed home sales ease to S$1.1 billion in H1 2023

THE total sales value of private prime non-landed residential property in Singapore fell to S$1.1 billion in the first half of 2023, said real estate consultancy Knight Frank.

There was a 23 per cent decline in total sales value in the first six months of the year, compared to the S$1.4 billion recorded in H2 2022, the consultancy said in a residential market update.

The number of sales transactions also fell over the same period – only 126 luxury non-landed homes were sold in H1 2023, while 163 such deals were transacted in H2 2022.

The impact from the Additional Buyer’s Stamp Duty contributed largely to the lower transaction numbers, said Knight Frank. In April 2023, the rate was doubled to 60 per cent for foreign purchasers.

Despite the fall in overall sales value, the average price per square foot (psf) remained resilient and rose 4.7 per cent to S$2,580 in H1 2023, from S$2,464 in H2 2022, said the consultancy.

It defines prime non-landed residential homes as units with a floor area greater than, or equal to, 2,500 sq ft, and which fall within Districts 1, 2, 4, 9, 10 and 11. These areas include the Central Business District, Orchard Road, Sentosa, Bukit Timah and Thomson.


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