The Nassim Hill condominium, located in an exclusive neighbourhood close to the Orchard Road shopping belt, features 16 luxury triplex apartments that boast private rooftop pools and gardens.
In contrast to the strong demand expected for luxury homes, developer BBR Holdings Ltd is struggling with sales after the government introduced new measures to curb foreign demand.
“The latest measures really hit the 8 Nassim Hill project because it is a foreigners’ market in terms of clientele,” said Andrew Tan, Chief Executive Officer of BBR Holdings Ltd.
With an average price of S$10 million, nine of the 16 units have been sold so far. Launched in 2007, the project was completed two years ago.
In spite of this, Tan said the company still hopes to achieve a five percent net profit growth for 2011 backed by the construction works for government projects in the pipeline.
The fact that BBR is having difficulties selling premium apartments is reflective of the slowdown in the local property market.
Inclusive of the Nassim Hill project, BBR currently has three condominium developments.
Responding to the slowdown, BBR has started to focus its sales efforts on Chinese buyers since China itself has introduced restrictions on its property market.
“We have shifted the focus from European to Chinese buyers as the Chinese buyers are really rich and they also have their own (property) restrictions,” said Tan.
Source : PropertyGuru – 1 Feb 2012