The Skywaters leads, while Ardmore Park, 32 Gilstead dominate luxury condo deals
By Cecilia Chow
/ EdgeProp Singapore |
A 7,761 sq ft penthouse at Skywaters Residences, sold for $47.34 million ($6,100 psf) in May, has emerged as the biggest deal both in terms of absolute and psf price in 2024 (Photo: SOM/Bezier
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At the top-end of the non-land residential market (apartments and condos), deals above $10 million account for just 0.2% of all new home sales this year, says PropNex in its residential report published on Dec 19. Deals above $15 million make up just 0.02%.
The deal that stood out among the 0.02% in 2024 was the lone sale of a 7,761 sq ft penthouse at Skywaters Residences for $47.34 million ($6,100 psf), based on a caveat lodged in May. The foreign buyer is anonymous, and nationality is “unspecified”, based on URA records.
It is also the highest paid for a non-landed residence in Singapore this year — by absolute or psf price, based on caveats lodged from January to Dec 19, 2024.
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Skywaters Residences will span the 27th to 63rd floors of the 63-storey mixed-use development, The Skywaters. The 190 apartments at Skywaters Residences range from three to five bedrooms and have sizes from 2,217 sq ft to 6,512 sq ft. Penthouses on the 57th floor, which number just eight, have sizes from 7,651 sq ft to 18,794 sq ft.
The six-star Aman Hotel will occupy the 24th to 26th floors, with the Aman-branded residences on the 28th to 30th floors. Grade-A office spaces will span the third to 22nd levels, with retail spaces from the basement to level two. The project is scheduled for completion in 2028.
At 305m, The Skywaters will be the tallest skyscraper in Singapore. The mixed-use development by a consortium led by Perennial Holdings, which includes Alibaba (for the office component) and SingHaiyi, sits on the site of the former AXA Tower at 8 Shenton Way.
The two transactions at $16.5 million ($5,397 psf) each at The Ritz-Carlton Residences are the second highest this year, both in terms of absolute and psf price (Photo: Samuel Isaac Chua/EdgeProp Singapore)
At Ritz-Carlton Residences, a Chinese national who became a Singaporean permanent resident (PR) purchased a 3,057 sq ft, four-bedroom apartment on the 33rd floor for $16.5 million ($5,397 psf), according to a caveat lodged in January this year.
According to a property title search, the buyer was Yuan Yonggang, the chairman of Suzhou Dongshan Precision Manufacturing Co, a Shenzhen Stock Exchange-listed maker of precision metal plates and cast metal.
Yuan’s wife, Wang Wenjuan, also a Singapore PR, purchased the neighbouring four-bedroom unit of identical size and paid the same amount — $16.5 million ($5,397 psf).
The transactions at The Ritz-Carlton Residences are the second highest this year, both in terms of absolute and psf price. Developed by KOP Properties, the 56-unit freehold project was completed in 2011.
The $13.049 million ($4,540 psf) transaction in February has emerged as the fourth highest in terms of psf price in 2024 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Freehold projects in prime Districts 9 and 10
At Hilltops, a 2,874 sq ft five-bedroom unit was sold for $13.049 million ($4,540 psf) in February. It marked the second-highest psf price achieved at the 241-unit Hilltops to date. The transaction has also emerged as the fourth highest in terms of psf price in 2024.
Hilltops is a luxury freehold development at Cairnhill Rise. Developed by SC Global Developments, the project was completed in 2011.
At Nassim Park Residences, a 3,175 sq ft four-bedroom unit changed hands for $14.2 million ($4,472 psf) in July. The transaction was the fifth-highest by psf price and the ninth-highest by absolute price this year.
Nassim Park Residences is a 100-unit freehold condo jointly developed by UOL Group, Kheng Leong Co and Orix Corporation. It was completed in 2011.
A 3,175 sq ft four-bedroom unit at Nassim Park Residences changed hands for $14.2 million ($4,472 psf) in July, and was the fifth-highest by psf price and the ninth-highest by absolute price this year (Photo: Samuel Isaac Chua/EdgeProp Singapore)
A project that achieved a new high in terms of absolute price is the 192-unit Cuscaden Reserve. In October, the sole 3,757 sq ft duplex penthouse was sold for $14.1 million ($3,753 psf). It is not just the biggest transaction at Cuscaden Reserve but rounded up the 10 biggest deals by absolute price in 2024.
The 99-year leasehold luxury project was developed jointly by SC Global Developments, Hong Kong-listed New World Development, and Far East Consortium International. Cuscaden Reserve was completed in 2023. Since its relaunch in March, 83% of the project had been sold as at Dec 19, 2024.
At The Marq on Paterson Hill, a 3,057 sq ft, four-bedroom unit on the fifth floor of the Premier Tower changed hands for $13 million ($4,253 psf) in April. It was the ninth-highest transaction by psf price. The 66-unit, freehold luxury condo by SC Global Developments was completed in 2011.
The Marq still holds the record for the highest psf price transacted. It was for a 3,089 sq ft, four-bedroom that changed hands for $6,650 psf in November 2011.
A 3,057 sq ft, four-bedroom unit on the fifth floor of the Premier Tower at The Marq on Paterson Hill changed hands for $13 million ($4,253 psf) in April, and was the ninth-highest transaction by psf price this year (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Ardmore Park
condo, 32 Gilstead dominate
Notably, four of the top 10 non-landed transactions by psf price were done in Ardmore Park condo. The 330-unit freehold project was developed by Wharf Estates Singapore (formerly known as Wheelock Properties).
Over two decades ago, it set the benchmark for luxury developments by offering only one unit type and layout: 2,885 sq ft, four-bedroom units. It also has just six duplex penthouses, each 8,740 sq ft.
Han Huan Mei, director of research at List Sotheby’s International Realty, notes that Ardmore Park prices have been rising steadily. The first time a unit crossed $4,000 psf was when a 2,885 sq ft unit on the 26th floor of one of the blocks changed hands for $12.23 million ($4,240 psf) in May 2022. “Since then, most of the units have been sold at prices above this level,” she adds.
The highest psf price at Ardmore Park condo was set in July 2022 when a 2,885 sq ft unit on the 17th floor was sold for $14.08 million ($4,881 psf).
Four of the top 10 non-landed transactions by psf price in 2024 were done in Ardmore Park condo (Photo: Samuel Isaac Chua/EdgeProp Singapore)
In 2023, three out of every four transactions at Ardmore Park were at a price above $4,000 psf. In 2024, five out of six transactions were above $4,000 psf.
“Since its completion in 2001, Ardmore Park has been favoured by ultra-high-net-worth investors for its coveted address, the size and layout with four spacious bedrooms, quality finishes and fittings, beautiful landscaping and superb maintenance,” says Han.
Ardmore Park units accounted for four of the top 10 transactions in terms of psf price this year.
However, when it came to the highest transactions this year by absolute price, 32 Gilstead accounted for five of the top 10 deals.
Show unit of a typical four-bedroom unit at 32 Gilstead, which accounted for five of the top 10 deals in terms of absolute price this year (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The 14-unit luxury freehold project was launched in April 2024. Developed by Kheng Leong, 32 Gilstead features only large four-bedroom apartments from 3,821 to 4,291 sq ft. Units will come with quality materials, finishes and fittings.
Foreign buyers remain circumspect
Transactions by foreigners and permanent residents (PRs) in 2024 halved to 123 units from 240 units in 2023, according to List Sotheby’s, based on URA data downloaded as of Dec 11, 2024. Han attributes the decline to the property cooling measures of April 2023, when the additional buyer’s stamp duty (ABSD) for foreigners was hiked to 60%.
The exceptions are the five countries with free trade agreements (FTAs) with Singapore. The citizens of these countries enjoy the same tax treatment as Singaporeans, including the ABSD. They are Iceland, Liechtenstein, Norway, Switzerland and the US.
In 2023, US citizens accounted for 121 non-landed transactions in the CCR. In 2024, the figure dropped to 86. Han notes that some could have converted to Singapore citizens or obtained PR status.
Besides the US, the only other foreign nationality that saw some activity was Norway, with seven transactions in the CCR in 2023.
However, in 2024, Norway contributed to seven transactions in the CCR, while Switzerland contributed to nine transactions. Han expects foreign buyers to remain circumspect in terms of property investments due to the hefty ABSD imposed. “Nevertheless, the fall in interest rates as well as the gains through foreign exchange may help to encourage some foreign buyers to invest,” she says.
Han adds that the supply of luxury condos may also limit their sales volume. She points to the upcoming new launches in the CCR. Most of them are located in the downtown area and have 99-year leaseholds.
“Investors will have to look to the resale market for freehold luxury condos in the Orchard area,” she says.
Check out the latest listings for Skywaters Residences, Condominium properties
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