LP.com

Singapore's non-landed luxury property market is experiencing a spring-like boom, driven by an evident trend: as geopolitical tensions rise, an increasing number of ultra-high net worth individuals view Singapore as a safe haven for their assets. A report released by Huttons on May 2nd revealed that in the first quarter of 2023, Singapore's non-landed luxury resale market showed impressive performance, with both resale transaction volume and value witnessing growth.

According to the report, in the first quarter of 2023, the resale transaction volume of non-landed luxury properties in Singapore increased by 17.6% compared to the previous quarter, reaching 40 units. Meanwhile, the resale transaction value also grew by 4.2%, amounting to SGD 282.9 million. Leong Boon Hoe, CEO of Huttons, suggested that this increase in sales volume may be due to heightened geopolitical tensions, prompting more ultra-high net worth individuals to transfer their assets to Singapore.

Leong Boon Hoe further pointed out that with more ultra-high net worth individuals choosing to settle in Singapore, and some considering applying for permanent residency, luxury property transaction volumes are expected to continue rising. Singapore, as a safe, stable, and high-quality city, holds strong appeal for high net worth individuals.

shicheng.news

The report also noted that when considering new luxury home sales and en bloc resales, the total volume of luxury home sales in the first quarter decreased by 34.3%. However, the significant decline in new luxury home sales was mainly driven by the previous quarter's robust sales of Watten House, resulting in relatively stable sales for this quarter.

In terms of resale prices, Ritz Carlton Residences, Hilltops, and Ardmore Park took the top three spots. Among them, two units at Ritz Carlton Residences were sold for SGD 16.5 million each, becoming the most expensive luxury homes, once again highlighting ultra-high net worth individuals' pursuit of top-tier luxury properties.

Meanwhile, the luxury rental market also showed positive trends. The number of rental units in the first quarter reached 569, an increase of 3.6% compared to the previous quarter, despite a 2.6% year-on-year decrease. It is noteworthy that demand for four-bedroom luxury rentals saw a significant increase, with a 36.5% quarter-on-quarter increase and a 19.3% year-on-year increase, accompanied by a corresponding 6.5% rise in rental prices. This indicates that more ultra-high net worth individuals are choosing to relocate to Singapore to escape tense geopolitical situations.