






{"id":24908,"date":"2021-08-23T08:54:04","date_gmt":"2021-08-23T01:54:04","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=24908"},"modified":"2024-09-18T14:26:00","modified_gmt":"2024-09-18T07:26:00","slug":"singapores-real-estate-rebound-as-luxury-sales-activity-amounting-to-7-5-billion-in-2021","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/singapores-real-estate-rebound-as-luxury-sales-activity-amounting-to-7-5-billion-in-2021\/","title":{"rendered":"Singapore real estate rebounds as luxury sales amount to $7.5 billion in 2021"},"content":{"rendered":"<p><span data-contrast=\"auto\">Rising wealth in Singapore is driving the demand for non-landed and landed luxury homes<\/span><\/p>\n<figure id=\"attachment_24909\" aria-describedby=\"caption-attachment-24909\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-24909 size-full\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/08\/processed-9-26.jpeg\" alt=\"\" width=\"1000\" height=\"749\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/08\/processed-9-26.jpeg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/08\/processed-9-26-400x300.jpeg 400w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/08\/processed-9-26-600x449.jpeg 600w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/08\/processed-9-26-768x575.jpeg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-24909\" class=\"wp-caption-text\">Sales activity this year rebounded from the pandemic-induced recession in 2020, doubling the SGD1 billion registered in H2 2020. SingStudio\/Shutterstock<\/figcaption><\/figure>\n<p><span data-contrast=\"auto\">According to new research from Knight Frank, demand for luxury homes in Singapore is growing steadily amid rising wealth,\u00a0as\u00a0sales of luxury property transactions aggregated\u00a0to SGD7.5 billion\u00a0(USD5.5 billion)\u00a0in the first half of 2021, reported CNA Luxury.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In H1 2021, the total sales volume for prime non-landed residential properties\u00a0was\u00a0recorded at SGD2 billion, the highest amount\u00a0since H2 2010 where sales\u00a0of the luxury market\u00a0were\u00a0at\u00a0SGD2.4 billion.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Sales activity this year rebounded from the pandemic-induced recession in 2020, doubling the SGD1 billion registered in H2 2020 and surpassing the SGD1.7 billion transacted\u00a0all through\u00a02020.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Meanwhile, the total sales for landed residential properties came to SGD4.3 billion, with\u00a0demand mainly driven by residents looking to upgrade into\u00a0larger\u00a0accommodation. The research also\u00a0attributed the higher demand to residents selling their private homes at higher prices due to a robust private home market.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As a result, the Good Class Bungalow (GCB) market segment thrived, with 37 transactions adding up to SGD1.2 billion.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">GCB is an asset class that remains\u00a0highly sought-after by the increasing\u00a0number of ultra-high-net-worth Singaporeans and foreigners.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/plot-at-lentor-central-won-by-singaporean-property-giant-for-mixed-use\/\" target=\"_blank\" rel=\"noopener\"><strong>More: Singaporean property giant wins plot at Lentor Central for mixed use<\/strong><\/a><\/p>\n<p><span data-contrast=\"auto\">Knight Frank expects the landed market segment to see \u201ccontinued interest and activity\u201d for the rest of 2021, with GCB sales leading to surging prices.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Moreover, Knight Frank stated its expectation for the GCB market to revive in the next 12 months, as pandemic-driven entrepreneurship and transformative industries create new wealth and luxury homebuyers. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<div class=\"entry-content\">\n<div class=\"entry-content\">\n<div class=\"entry-content\">\n<p><i><span data-contrast=\"auto\">The Property Report editors wrote this article. For more information, email:\u00a0<\/span><\/i><a href=\"mailto:propertyreport@propertyguru.com\"><i><span data-contrast=\"auto\">propertyreport@propertyguru.com<\/span><\/i><\/a><i><span data-contrast=\"auto\">.<\/span><\/i><span data-ccp-props=\"{&quot;201341983&quot;:1,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:270}\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rising wealth in Singapore is driving the demand for non-landed and landed luxury homes<\/p>\n","protected":false},"author":12,"featured_media":24909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[2260,2259,110,207],"class_list":["post-24908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-growing-demand","tag-luxury-segment","tag-singapore","tag-wealth","news_country-singapore","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Singapore real estate rebounds as luxury sales amount to $7.5 billion in 2021 | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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