Luxury Living Redefined: Park Nova’s Latest High-Value Sales

Authored by Raymond Tiah

Market Trends on Singapore’s Luxury Property Market

Record-Breaking Sales at Park Nova

Singapore’s ultra-luxury real estate market is making headlines again, with two high-value sales at Park Nova in January 2025. One of these transactions hit S$6,593 psf, ranking among the highest-ever condo sales in Singapore.

These deals stand out, especially as the high-end property market faces challenges from increased stamp duties on foreign buyers.

Breaking Down the Sales

• 20th-floor penthouse (5,899 sqft) – Sold for S$38.9M (S$6,593 psf)

• 19th-floor unit (2,906 sqft) – Sold for S$16.6M (S$5,713 psf)

Who’s buying? Market data suggests one unit was purchased by a foreigner, while the other went to a permanent resident.

These sales surpassed Park Nova’s launch median price of S$4,979 psf in May 2021, demonstrating that demand for ultra-luxury homes remains strong despite market uncertainties.

How Do These Prices Compare?

• New Park Nova record: S$6,593 psf

• Previous peak price: S$5,784 psf (2021)

• Orchard area median (last 6 months): S$2,906 psf

While these sales reflect confidence in super-luxury real estate, the broader high-end property segment remains muted due to a 60% tax on foreign buyers.

What This Means for the Market

• These big-ticket deals are outliers, not indicators of a full market rebound.

• With foreign buyers facing high taxes, demand for ultra-luxury properties is limited.

• Even if the government adjusts stamp duties, the impact on the ultra-high-end segment may be minimal.

What’s Next for Singapore’s Luxury Property Market?

• Market forecasts suggest flat luxury home prices in 2025 unless policies shift.

• Rental prices are easing, leading some foreign buyers to lease instead of purchasing.

• The market remains watchful for any policy changes that could affect demand.

Final Thoughts

While these sales prove that demand for prime real estate remains, most buyers should closely monitor tax policies and market trends before making a move.

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