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...
Luxury Property
Top-end real estate investments are expected to be a good bet in the current global economic environment, according to luxury property developer Nick Candy. “Shrewd investors with access to capital” are increasingly seeing luxury property developments as “a long-term commitment worth making,” he said. His company, Candy & Candy, developed One Hyde Park in central London, considered one of the...
The recent cooling measures which require foreigners buying private property in Singapore to fork out an additional 10 percent stamp duty, is expected to curb skyrocketing property prices. And if recent transacted prices at certain luxury developments are anything to go by, the new measures could not have come at a better time. A prime example is The Marq on Paterson Hill. The latest deal involved a...
The government’s announcement of an additional buyer’s stamp duty (ABSD) on top of the existing 3% appears to be mainly targeted at foreign buyers, notes UOB Kay Hian in a report. “The move will act as a strong deterrent for foreign buyers as their transaction costs would increase by 10% overnight,” says Vikrant Pandey, analyst at UOB KayHian. The high-end market will be the most impacted as...
Good Class Bungalow (GCB) transactions in the prestigious Tanglin Hill are very rare. The most recent, according to a caveat lodged on Nov 3, was for a 21-year-old GCB on a freehold site of 34,585 sq ft. It was sold for $57 million ($1,648 psf) in a private-treaty deal. Colliers International represented the seller, while Savills Prestige Homes represented the buyer. Both the seller and buyer were...
Property consultants have noted that there has been some opportunistic buying at the top end of the market. Many of those on the hunt are looking for condominium units for their own stay, and therefore prefer completed projects with spacious units. “With the ongoing European debt crisis, and global market uncertainty, people prefer not to flash their wealth and adopt a more conservative outlook,” says...
With a slew of condominiums being completed in the Cairnhill area, such as SC Global’s 240-unit Hilltops, Wing Tai Holdings’ 140-unit Helios Residences and, most recently, the 58-unit Ritz-Carlton Residences, investor interest has returned to the neighbourhood. The most recent recorded transaction at the freehold Hilltops was in August, when a 1,335 sq ft unit on the third floor was sold by the...
The neighbourhood of Cuscaden Road and Tomlinson Road, off Tanglin Road, is attracting the interest of high-net-worth individuals again, largely owing to the upcoming 29-unit boutique luxury condominium development, Hana, by Pontiac Land. The units at the 99-year leasehold Kerry Hill-designed project are said to average 3,500 sq ft each. Nearby, Hotel Properties Ltd (HPL), one of the biggest stakeholders...
Average capital values across luxury residential markets in Asia dropped 0.2 percent in the third quarter of this year, according to the latest Residential Index from Jones Lang LaSalle (JLL). JLL added that price growth has steadily slowed from the 7.4 percent quarter-on-quarter rise recorded in Q3 2009. In Q3 2011, sales activity cooled further, with fewer launches and sales recorded in most markets...
Location, location and location is the mantra for anyone looking to buy a property. And traditionally, homes in the right neighbourhoods have always maintained their values better. According to Cushman and Wakefield, median prices of high-end homes have dipped just five percent from the peak of 2008's prices to between S$3,400 and S$3,500 per square foot. The lower-end markets, however, are still down by...