The private home market may have continued to enjoy robust turnover in the third quarter of this year but the prices of luxury apartments appear to have peaked. According to a report by property consultancy Savills, the average per sq ft price for non-landed high-end private homes dipped 2 per cent to S$2,243 for the first two months of the third quarter from S$2,286 in the second quarter of this year. In...
Luxury Property
Owners of “ultra prime” homes in Asia have seen the values of their properties rise amid the global economic crisis, particularly in Singapore and Mumbai. The increase in value of luxury properties, defined as homes valued above £10 million (US$15.7 million), has been less prevalent in Western cities, traditionally home to the world’s property market elite. Global real estate service provider,...
Foreign investors continue to change the landscape of the luxury property market in Singapore. According to Cushman and Wakefield’s analysis of URA caveats lodged, Indonesians and mainland Chinese formed the majority in the upmarket segment this year, followed by Malaysians, Indians and the British. “Singapore is seen by many foreign investors to be a safe haven for property investment due to the...
The 175-unit The Orchard Residences saw two transactions from Aug 12 to 23. The 54-storey condominium tower sitting on top of the ION Orchard mall is the new landmark on Singapore’s famed shopping strip, and was developed by CapitaLand and Hong Kong’s Sun Hung Kai Properties. The Orchard MRT station sits underground and is linked to the neighbouring malls. Completed late last year, the landmark...
Foreigners are acquiring posh apartments in Singapore and contributing to the health of the luxury market, which had been weak since early 2007, according to an article in The Straits Times. Foreigners, including permanent residents (PRs), acquired 162 non-landed units with an average price of over S$5 million in the first half of 2011. According to a Cushman and Wakefield analysis of URA caveats lodged,...
There’s been a return of interest in the landmark condominium The Sail at Marina Bay in the past month, with three transactions from Aug 5 to 12. According to property agents, The Sail is seeing renewed interest from foreign high-net-worth individuals. A one-bedroom unit on the 56th floor of the 63-storey Tower 2 changed hands recently for $2.1 million, or $3,048 psf. This is the seventh transaction at...
The 55 units at its The Nassim condo is expected to price between $9 million and $33 milllion. The low-rise condo, on the former ANA Hotel site at Nassim Hill, has been designed by Mok Wei Wei of W Architects. The project will be set amidst lush greenery, creating a distinct ambience of living in a landed area. 'This will appeal especially to foreigners, who face restrictions buying landed properties on...
Latitude, a high-end condominium located on Jalan Mutiara in the prime River Valley area, has seen a spike in transactions since late July. The 127-unit freehold condo by giant listed developer CapitaLand was completed late last year. Caveat data downloaded from URA for the period from July 26 to Aug 2 saw four caveats lodged for the sale of four four-bedroom units sized at 2,766 to 2,928 sq ft. The...
Luxury home prices in Singapore fell 1.7 per cent in the second quarter of the year from the first three months, the biggest drop in CBRE's list of cities in its Asia Luxury Residential report. CBRE said that no new luxury residential projects were launched in Singapore during the second quarter as existing projects continued to struggle to attract buyers. Luxury home rents fell by 1.9 per cent...
Private property developer Pontiac Land has returned with the launch of two new luxury developments in Singapore, according to reports. Ardmore Residence (former Pin Tjoe Court) located in Ardmore Park is designed by the Amsterdam-based UNStudio. The development will comprise 58 units with a built-up area of about 3,300 sq ft each.u Hana, the second Pontiac Land project, is located at the corner of...