As buyer sentiment improved in 1H2025, the prime non-landed residential market experienced a remarkable surge in activity. Sales in this segment skyrocketed to $997.5 million, reflecting a significant 60.9% increase from the $620.1 million recorded in the previous half of the fiscal year. This resurgence can be attributed to a growing confidence among buyers, particularly local homebuyers, who were increasingly willing to pay a premium for new products entering the market.
In terms of volume, a total of 120 units were sold during the first half of 2025, compared to just 85 units in 2H2024, highlighting a robust demand for prime non-landed residences. The increase in activity not only underscores a shift in buyer sentiment but also indicates a trend towards a more competitive market. The growing number of transactions is further complemented by an upward trajectory in average unit prices, which rose to $2,534 per square foot in 1H2025. This marks a notable 10.6% increase from the $2,291 per square foot recorded in the previous six-month period.
Among the significant transactions that characterized this period, a penthouse at Park Nova commanded an impressive price of $38.888 million, translating to an extraordinary $6,593 per square foot. Such high-value sales serve as a barometer for the luxury segment within the prime non-landed market, illustrating the appetite among affluent buyers for exclusive offerings. Additionally, a unit at Skywater Residences was sold for $30.87 million at a price of $5,841 per square foot, further reinforcing the trend of rising prices and buyer willingness to invest in high-end properties.
The shift towards increased buyer activity can also be seen as a response to broader economic conditions and a recovering market landscape. As more buyers enter the market, the dynamics of supply and demand are likely to evolve, with developers potentially responding by introducing more upscale projects to cater to this growing interest.
The emerging trend of local homebuyers engaging more actively in the market suggests a shift in focus from foreign investments towards domestic purchases, which may contribute to the overall stability of the prime residential sector.
The overall performance of the prime non-landed residential market in 1H2025 indicates a revitalization that could have lasting implications for the sector. A notable increase in both sales and average unit prices is indicative of a market that is not only recovering but also adapting to the evolving preferences of buyers.
As confidence continues to build among local homebuyers, the prime condo market is poised for further developments, potentially leading to an even more dynamic environment in the upcoming months. With the current momentum, industry observers remain optimistic about the prospects of the prime non-landed residential market in the near future.
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News Source: Edgeprop
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