For private property in general, it was also the highest sales recorded in a month in the past four years.
The developers’ monthly sales data released on 15 April 2021 showed that a total of 546 luxury homes in prime districts were sold last month — up nine times from the 58 units transacted in the core central region of Singapore in February this year and more than 10 times from the 45 sold when compared with March last year.
Last month’s sales of luxury homes was the highest since November 2013, when 668 units at premium locations in central Singapore were sold.
- There were around 10 times more luxury private homes in prime districts sold in March than in February 2021
- In all, private homes sold in March was the highest since November 2013
- Analysts said Singaporeans made up the bulk of the purchases, however, foreign buyers are snapping up the most expensive condos
- The trend is likely to continue over the next few months
Topping the chart was a penthouse unit at the 99-year leasehold Midtown Modern condominium project near Bugis MRT Station, which sold for S$14.8 million, or a staggering S$4,213 per square foot (psf). The other was a unit at the freehold Meyerhouse condo in East Coast that was sold for S$13.9 million, or S$2,450 psf.
Both were bought by foreign buyers, property experts said.
Condo sales were also brisk across the whole of Singapore. A total of 1,296 units were sold in March, which was around double of the 645 units sold in February and the 660 units sold in March last year.
Kiwi Lim from Huttons Asia believe that Covid measures that had restricted the entry of foreign investors into Singapore's borders these past 14 months has given Singaporeans a rare opportunity to buy luxury condos without competing directly with foreign property buyers.
Singaporeans and PRs snapped up luxury homes like the 558-unit Midtown Modern luxury project, a development by GuocoLand, which was launched in the second half of March. The 368 units sold in March accounted for nearly a third of all private home sales last month.
The number of ultra-high-net-worth-individuals (UHNWIs) in Singapore grew by 10.2 per cent last year from 2019, despite the pandemic-led recession. These are people with a US$30 million (S$40 million) net worth inclusive of their primary residence.
It was observed that both foreign and local home buyers were looking to penthouses or units with more than 3,000 square feet. With the limited availability of newly launched penthouses in previous months, penthouses in the resale market were sought after by these UHNWIs who place greater priority on quality and living spaces with Singapore citizens making up the bulk of the transactions.
From the March sales figures, 1,296 private homes sold, 82.2 per cent were bought by Singaporeans, 13.4 per cent by Singapore permanent residents, and 4.3 per cent by foreigners.
Of the properties priced S$5 million and above, there were 10 purchases by Singaporeans. In contrast, there were only two purchases by foreigners. This is another illustration of the ample liquidity among Singaporeans in recent years.