Aerial view of luxury apartments in Singapore.
In Singapore, 12 residential properties costing over US$25 million (S$34.33 million) have been transacted in the year to August 2018, according to Knight Frank’s inaugural Global Ultra-Prime Market report.
These 12 luxury homes were transacted at an average price of US$44.1 million (S$60.55 million), the second highest among 17 ultra-prime markets across the globe.
“Singapore is undoubtedly an ultra-prime market – although it sees the smallest number of transaction numbers compared to our other city markets,” said the property consultancy.
“Transactions at this price level (over US$25 million) are mainly found close to Orchard Road, with proximity to this being the key defining factor. Properties transacting at the top-end of the market tend to be large houses or bungalows with additional amenities such as a swimming pool and large gardens. There have been a handful of apartments in this space, but only large penthouses are likely to achieve this price point,” noted Knight Frank.
Meanwhile, Hong Kong saw the highest average price of US$52.8 million, while Sydney took the third spot with an average price of US$43.8 million.
In terms of transaction numbers, Hong Kong once again took the top spot with over 47 homes costing more than US$25 million changing hands in the year to August 2018. This was followed by New York with 39 units sold and London (38).
Overall, 116 ultra-prime residential properties were transacted in the first eight months of 2018 with a combined value of USD$5.1 billion. In comparison, last year recorded 155 transactions collectively worth US$6.9 billion.
Knight Frank defines ultra-prime residential markets as locations with at least three sales of homes costing over $25 million per annum over the past three years.
The 17 markets include the four ski markets of St Moritz, Gstaad, Courchevel and Aspen. The second-home ultra-prime markets consist of Malibu and Palm Beach in the US, the Caribbean as a whole, plus Cote d’Azur and Monaco in Europe. For cities, these include London, New York, Hong Kong, Los Angeles, Sydney, Miami, Paris and Singapore.