Non-landed luxury segment and GCB market see best volumes since 2010: Huttons
/ EdgeProp Singapore |
The GCB market saw a record-breaking year in 2021, including the sale of a house at Nassim Road for $128.8 mil (Credit: Samuel Isaac Chua/The Edge Singapore
SINGAPORE (EDGEPROP) - The luxury property market saw a robust performance in 2021, with the non-landed luxury segment and Good Class Bungalows (GCBs) both recording their highest volumes since 2010.
According to Huttons’ quarterly Prestige Report, transactions in the non-landed luxury segment reached a high of 441 units in 2021, its best showing since 2010’s 587 units. This year’s volume is also more than double the 207 units transacted in 2020.
“Although 2021’s transaction volume is lower than 2010, the total transaction value was on par at $4.3 billion,” notes the report.
Notable transactions in 2021 include the sale of all 20 units of luxury development Eden for $293 million or $4,827 psf to the Tsai family behind Taiwan’s Want Want China Holdings.
Separately, a 12,077 sq ft penthouse at Les Maisons Nassim sold for $75 million last November. The deal could be the most expensive penthouse sold in Singapore, beating the previous record of $73.8 million set by James Dyson for the penthouse at Wallich Residence.
Meanwhile, the GCB market saw 93 transactions take place in 2021 for a total value of $2.8 billion. The average deal size for a bungalow in the GCB area was $30.2 million in 2021.
According to Huttons, quite a number of buyers of bungalows in GCB areas in 2021 are in the digital economy companies.
The biggest GCB transaction was for 30 Nassim Road, which sold for a record-breaking $128.8 million to the wife of Nanofilm Technologies International’s founder Shi Xu.
“That deal also broke the previous record of $93.9 million paid for a GCB in Dalvey Estate in September 2018,” the report reads.
Other transactions include a GCB at Cluny Road which was sold for $91 million to a family reportedly of Indonesian Chinese origin; 11 Queen Astrid Park which was purchased by the CEO of TikTok for $86 million; and two adjoining vacant sites at Chatsworth Road that were sold for $78.1 million to two members of Indonesia’s Karim family.
Looking ahead, Huttons notes the luxury segment may “feel some heat” in light of the cooling measures announced last December, as some ultra-high net worth individuals (UHNWI) re-assess their options.
For the GCB segment, Huttons believes the market will likely enter a phase of consolidation following its strong run in 2021. “Mismatch in price expectations will result in longer time to conclude a deal,” the report cautions. Nonetheless, prices are expected to increase albeit at a slower rate compared to 2021 as demand continues to be strong.
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