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Singapore’s luxury property market is bouncing back

Singapore’s luxury property market is bouncing back

By Hamish McDougall

Following three years of decline, the Singapore property market has already started to reverse the trend in 2018 – with the luxury sector leading the charge.

Luxury homes rose to an average price of $2,049 psf in January-February, marking a 22% increase year-on-year. The mid-tier property market also performed well, posting 4.7% growth to $1,488 psf.

Property market highlights:

  • New luxury development Le Nouvel Ardmore claimed top spot with a sale at $4,098 psf
  • Two units in The Nassim were sold for $19.6m and $17m
  • While pricing is up, overall volume declined slightly by 7.3% against the ten-year average

This follows a boom in en bloc sales, which have reached an astonishing $3.5bn in the year to date, as well as news of Hong Kong’s emergence as the world’s priciest property market by square foot.

Where to now?

The Trevose condo living room

The Trevose$3,000,000

  • 3
  • 3
  • 1,991 sqft
3 Orchard by the Park living

3 Orchard by the Park$3,517,800

  • 2
  • 2
  • 1,066 sqft