Tuesday, November 20, 2012

Hot demand for high-end homes

Sales of luxury landed properties grew strongly in Q3 this year, especially in the price band of S$5 million to S$10 million, which rose 11 percent quarter-on-quarter to 80 units, according to a report from DTZ.

However, the sales volume for homes with prices above S$10 million declined to 45 in Q3 from 50 previously. The dip came primarily from the non-landed segment, while the landed segment remained healthy with 33 sales in Q3 compared to 34 in the previous quarter.

Landed homes in Sentosa Cove (pictured) also saw strong demand with all transactions priced above S$10 million so far this year involving landed properties. In Q3, six landed properties were sold in Sentosa compared to five in Q2 and just two in Q1.

Local purchases in the Core Central Region (CCR) grew 15 percent quarter-on-quarter to 934 units, while purchases made by permanent residents (PRs) rose 15 percent in the same period to 212 units. On the other hand, foreign purchases fell by 18 percent to 148 units in Q3 from the previous quarter.

Popular projects in the CCR last quarter included V On Shenton with 106 units sold, 1919 with 41 units and Stellar RV with 36 units transacted.

In the S$5 million and above price band, Singaporean purchases increased nine percent to 134 units, while non-Singaporean purchases dropped 13 percent to 62 units.

View the original article here

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