2008 saw a drastic fall in sales of luxury apartments in Singapore. Property consultancy CB Richard Ellis said 1,096 caveats were lodged in 2008 – a fifth of the sales volume in 2007. In 2007, the average launch price of luxury projects ranged from S$2,000 to S$4,000 per square foot. But by the end of 2008, the average launch price of such homes had fallen to a range of between S$2,000 and S$2,600 per...