Luxry Market Benefited From The Home Prices Dropping

CCR Performances since year 2015

Home sales in the Center Central Region are up 42.6 percent from 2015.

Even with the continued drop in private home costs, Singapore’s property market has revealed signs of life, with a rejuvenated collective sales market and robust luxury residential sales, reported The New Paper.

Nonetheless, the sales volume for the first nine months of 2016 rose by 9.8 percent year-on-year to 11,993 private units (excluding executive condominiums).

The truth is, the dropping costs have helped foster the luxury residential segment.

As at 15 December, the Core Central Region (CCR), which includes Orchard, Bukit Timah and Novena, registered 2,601 private home transactions, up 42.6 percent from last year, revealed Savills Singapore Research Head Alan Cheong.

Luxury segment interest

“This reveals there really has been a strong revival of interest in the luxury segment of the private residential marketplace,” he said.

Cheong attributed the resurrection such as the deferred payment scheme offered at OUE Twin Peaks ’ creative promotion schemes, to developers.

Another bright spot is the yield of collective sales. Three deals worth over $1 billion were secured this year, compared to one none in 2014 and $380 million deal in 2015.

Edmund Tie and Co. Research Head Dr Lee Nai Jia is assured more sales will be sealed in 2017.

“This is because sellers have dropped asking prices, while developers are eager on well-found sites that are smaller,” he said.

2017 Private Residential Segment

Next year 2017 will forsee good projects from developers like CEL, Frasers that almost contribute around 1300 units of condo. The project Seaside Residences in Singapore will be the likely to gain popularity since it is near to the MRT station as well as having the seaview!

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