New luxury home sales sink 40.7% as launches dry up

In contrast, luxury resale transaction value rose 6.1% QoQ to $1.43b from $1.35b, according to Realion.

Realion Research said the decline in new home sales reflected the absence of new luxury launches during the quarter.

Activity also eased in the top end of the Core Central Region condominium market. Transactions for units priced above $3,000 per square foot (psf) and at least $5m fell to 52 in Q2 from 73 in the previous quarter.

New sales in this segment dropped to 19 units from 50 in Q1.

Transactions were recorded at projects including 21 Anderson, 32 Gilstead, Park Nova, River Modern, Skye at Holland, Skywaters Residences, The Giverny Residences, UPPERHOUSE at Orchard Boulevard, and Watten House.

The highest-priced transaction by square foot in Q2 was a 195-square-metre unit at Skywaters Residences, which sold for $12.5m, or $5,947 psf, in April. A unit at 21 Anderson followed at $22.5m, or $5,013 psf.