Situated along West Avenue 8 at District 28, Altura Executive Condominium is a highly anticipated launch that is primed to pique numerous interests. With family-friendly features, such as a tennis court, clubhouse, and pool, Altura EC caters to the needs of both upgraders and first-time buyers. Furthermore, its estimated price of S$1,300 per square foot makes it an affordable option for Singaporeans. The anticipated launch date is set for Q2 2023.

Global super-prime residential sales rose in 1Q2023 with 417 transactions recorded. Knight Frank’s Global Super-Prime Intelligence report saw the figure representing an 11% q-o-q increase from the 376 transactions recorded the previous quarter. Sales value fell marginally from US$7.5 billion in 4Q2022 to $7.2 billion in 1Q2023, with 1,645 super-prime residences sold in the 12 key markets tracked by the consultancy.

As of end-March, the total sales value of super-prime homes came in at US$30.2 billion, representing a 26% decrease from the $40.7 billion recorded at the height of the pandemic property boom in 2021. Despite the lower figures, the market has remained resilient reflecting a desire for luxury housing.

Nicholas Keong, head of private office at Knight Frank Singapore, adds that it points to a bounce-back in activity following the slowdown noticed over the past three quarters. Dubai was the most active super-prime residential market in 1Q2023, accounting for 88 homes sold at over US$10 million for a total sales value of US$1.66 billion. Hong Kong came in second, with 67 homes sold for US$988 million.

New York recorded 58 homes sold for US$942 million, followed by Los Angeles with 46 homes sold for US$763 million. Singapore saw 37 super-prime residential transactions worth US$579 million, an increase from the 23 homes sold in 4Q2022 for $409 million.

Knight Frank highlights Dubai’s steadily growing importance in the world’s wealth landscape, accounting for 17% of all super-prime sales, making it the biggest contributor followed by London (14%) and New York (13%).

The consultancy predicts that total super-prime home sales will come in at between US$25 billion and US$27 billion this year. This is a result of higher debt costs and limited stock availability which has weighed down transaction activity.

Bright spots remain in select regions, such as London, New York, Los Angeles, Singapore and Hong Kong, due to increased tourism and cross-border demand. Changes in tax measures in these markets are expected to have a significant impact on buyer behaviour.

Despite a more subdued market in 2023, Knight Frank expects a brighter outlook next year with a recovery in growth in the global economy, possibly leading to a return to transactions in excess of US$30 billion in 2024.