Seven of the top ten luxury condominium transactions in 2022 in terms of price per square foot occurred in Les Maisons Nassim.

Rounding out the bottom three are units at Boulevard 88 ($4,924 per square foot), The Nassim ($4,915 per square foot) and Ardmore Park ($4,881 per square foot).

Les Maisons Nassim accounts for four of the top 10 condo deals in 2021, while Park Nova penthouses account for the other top three.

The remaining three are the super penthouse at CanningHill Piers ($5,360 per square foot), Eden ($6,024 per square foot, which was also the second highest per square foot last year) and Klimt Cairnhill ($5,309 per square foot).

The top 10 transactions in 2022 are 2.4% smaller than in 2021, and the average price per unit for the transactions is also approximately 4% lower than the average price in 2021, attributed to the higher prices of new luxury condominium projects launched last year.

The largest condominium transaction per square foot in 2021 was the Les Maisons Nassim 7,500 square foot super penthouse, which sold in October 2021 for $75 million or $6,210 per square foot.

Les Maisons Nassim's second largest penthouse at 12,066 square feet, which sold for $59.77 million in March 2022, was the second largest transaction.

At 4,953 per square foot, the penthouse is the lowest price per square foot transacted at Les Maisons Nassim since its launch last May.

Recognizing the market's demand for larger units, some developers are preparing to sell selected units to people who intend to combine them or to family members who want to write out their proximity to each other in the same apartment.

Shun Tak Holdings has seen this in the 54-unit Park Nova and the 558-unit Midtown Modern, and developer GuocoLand launched the Sky Bungalow Collection in July.

In August 2022, two four-bedroom units on the third and fourth floors of Park Nova were sold for $20 million ($4,532 per square foot).

The buyer, a Singaporean, intended to combine the two units into a duplex.

Investors are also looking for larger units that are usually in short supply, and ultra-high net worth foreign investors are attracted to these luxury projects because unlike landed homes, there are no ownership restrictions and Singapore property is considered a safe investment.

An increasing number of Chinese buyers are entering the luxury residential market in Singapore, including those who are already Singapore citizens and permanent residents.

With rents soaring, and in some cases doubling, many permanent residents find it better to buy than rent.