The top ten transactions’ sizes in 2022 were 2.4% less than they were in 2021

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TMW Maxwell condo for sale

For 2022 there were an edgier selection of penthouses for sale than 2021 because of the absence of new luxury development launches. 7 of the 10 top luxury condos by 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) and a third floor unit at the Nassim ($4,915 per sq ft) and a 17th-floor unit in Ardmore Park ($4,881 psf).

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

TMW Maxwell condo for sale site is a 13-storey commercial development with a gross plot ratio of 4.3.

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

The median price per square foot for the most expensive 10 luxury condo deals during 2022 was 6.7% lower than that was achieved in 2021. List Sotheby’s Han says this is due to the higher cost of the new luxury condominium developments which were announced last year.

The most expensive condo purchase by psf for 2021 is the 7500 square foot super penthouse located at Les Maisons Nassim that was bought for $72.5 million, or $6,210 per square foot in the month of October in 2021.

The second largest penthouse at Les Maisons Nassim, at 12,066 square feet, came up at $59.77 million as of the beginning of February 2022. It was the second largest deal in terms of absolute value. With a price of $4,953 per square foot it was the cheapest psf paid in Les Maisons Nassim since Shun Tak Holdings started the project in May of last year. The penthouse was placed seventh out of the top 10 on a per-square foot basis in the year. There are just 14 units in Les Maisons Nassim, with apartments starting at 6,000 square feet.

The penthouse with the third-lowest price located at Les Maisons Nassim, sized at 11,227 square feet, has sold for $68 million during October of this year. With a price of $6,057 per square foot this was the most expensive condo sale in 2022 in a psf basis.

In 2022, the prices of luxurious condos on the resales market also rose and three making the top 10 list of. The $4,881 psf recorded by the apartment located at Ardmore Park in July 2022 was by far the highest price for a psf in the 330-unit freehold condo development that began construction in June 1996 and finished in 2001.

The Nassim the Nassim The Nassim, a 4,069 square foot four-bedroom condo located on the third level of the low-rise, five-storey development was bought at a price of $20m in the month of May of this year. With a price of $4,915 per square foot, it was a record in the luxurious 55-unit condominium that was completed in the year 2015. “It’s the highest price ever for a non-penthouse unit within the building,” says List Sotheby’s Han.

At Boulevard at 88, the 2,799 square feet four-bedroom apartment on the 22nd level of the 28-storey luxury 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). This 154 unit Boulevard 88 is a twin-tower residential project that is situated on the top of an eight-storey 190-room The Singapore Edition hotel.

In recognition of the need for larger units and the need for large units, some developers are willing to provide certain units for those looking to combine them, or for family members who wish to be near to one another in the same condominium. This is evident in the 54-unit Park Nova by Shun Tak Holdings and at the 558 unit Midtown Modern, in which developer GuocoLand introduced the Sky Bungalow Collection in July this year.

In Park Nova, two four-bedroom apartments on the fourth and third floors that have a total strata size of 4,413 square feet were purchased at a price of $20million ($4,532 per square foot) at the end of August in 2022. The buyer is an Singaporean who plans to combine two units to form one duplex.

The remaining two 1,432 sq ft three-bedroom apartments on the 11th and 10th floor at 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, towards the close of November in accordance with URA Realis. The units were bought by relatives who wanted to be close to one the other.

The property was located at Midtown Modern, six pairs of units were made available to be sold as part of the Sky Bungalow Collection in July 2022. The first units to be sold included two 1,808 square feet four-bedroom units at levels 29, 30, which were worth $17 million. At $4,700 per sq ft they were the highest price for psf for the development to date.

A 1,808 square 4 ft four-bedroom home located on the 11th floor in Midtown Modern and another 1,808 sq ft units at the top of the 12th floors were bought at $4.72 million ($2,610 per sq ft) as well as $4.76 million ($2,632 per square foot) respectively. These units were believed to be bought by relatives who would like to live near one another. They are not included in Sky Bungalow Collection. Sky Bungalow Collection.

Many mixed-use projects that include high-end residential properties in the downtown region in the Core Central Region (CCR) are set to launch in 2023. “They could offer penthouses with premium prices,” notes List Sotheby’s Han. One of they is the redevelopment plan for The 200-unit Shenton Way (former AXA Tower) by a consortium backed by Perennial Holdings and Alibaba Group and Alibaba Group. It is set to become the highest-altitude skyscraper in Singapore. The other is two-46 units of Newport Residences (former FujiXerox Towers) from City Developments Ltd.

The next project to be launched are the 686 unit Marina View condo from IOI Properties. It is located on an undeveloped site in Marina View, which IOI bought in a land auction for $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 not available,” says Han. “The UHNW [ultra-high net worthforeign investors are attracted to these luxurious projects because they do not have restrictions on ownership and they are considered to be safe investments.”

As per Bruce Lye, co-founder and managing partner of SRI SRI, more Chinese buyers are entering the Singapore high-end residential market, which includes those who already reside in Singapore as Singapore permanent residents or citizens (PRs). “Some of the foreigners as well as PRs had previously rented houses,” he says. “With rents going up to the sky or tripled in some instances These PRs believe that it’s more beneficial to purchase the home instead of renting.”

The increasing risk of a global recession, the stubbornly high interest rates and the ongoing conflict in Ukraine and Russia Russia and Ukraine could lead to a reduction in investment from foreign investors, according to Lewis Cha, executive director of List Sotheby’s International Realty.

The cooling measures implemented in government officials of the Singapore government have proven to be effective in preventing excessive borrowing. “The residential market could slow down in 2023 , with the possibility of a price correction but homeowners in Singapore are likely to be able to stay on the right track and fulfill their loan obligations,” Cha adds. Cha.

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