A clear and noticeable trend has emerged over the last few months for that ultimate of status symbols —the top floor penthouse apartment. It wasn't just new apartments, like the Midtown Modern penthouse that sold for $14.8m in March 2021 which drew buyer interest. A lot of older apartments also saw their penthouses snapped up, mainly by foreign buyers seeking the best of Singapore.
“In tandem with Singapore's attractiveness among family offices, it was also observed that both foreign as well as local home buyers were looking at penthouse units or units with large sizes of more than 3,000 sq ft. So with the limited availability of newly launched penthouses, penthouses in the resale market were sought after for those placing greater priority on quality and living spaces,” said Knight Frank Singapore Head of Research Leonard Tay in an interview with Real Estate Asia.
Tay said Singapore reported that the prime non-landed residential segment registered sales amounting to $919.5m in H2 2020. This signified a 34.2% half-yearly increase from $685.1m in H1 2020. “There was healthy demand for private homes during the pandemic. Overall prices of the entire private residential market increased by 2.2% in 2020, but much of the activity was in the mid-market, as well as the mass market, and not so much the prime market. So, not so much the luxury class of private homes,” he said.
Recent reports said that foreign home buyers have shown an increase of interest in Singapore properties in 2020. Tay affirmed this and said that foreign buyers have been seeking luxury properties in the past months. With the economy recovering and a big number of the workforce looking into being back to the office, Knight Frank sees that new projects will start in the en-bloc market.
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