There is a beehive of activity happening now in the prime up market residential market, which has been stimulated by sale rise in the midst of competitive pricing and more housing options that the potential buyers are exposed.
CapitaLand is using Victoria Park Villas to test high-end market strength. The property, which is located at the junction of Victoria Park Roads and Coronation, started its VIP Preview on July 22.
The 99-year lease residential project will consist of three bungalows and 106 semi-detached houses. The latter units will have a floor area of 4,155sqft and will be sold from $4.3 million.
In June 2013, CapitaLand won a government land sales site tender after submitting a bid of $908 per sq ft.
According to Market watchers, CapitaLand’s price is close to the cost. When the market factors are favorable, the said units can be sold from $6 million.
While more sales have been recorded at luxury apartments, what it being waited upon is if the buyers are able to sustain an appetite for landed properties.
According to CRBE report June 2016, in the first half of the year, 131 luxurious apartments were sold as compared to the 166 units sold in the whole of last year.
As at June 30, the price of luxury apartments raised to $2,950psf a leap from last year’s $2700psf, something that was attributed to more prime properties being sold. The Ardmore Three is such one property that had 34 of its units sold at $3,200psf.
OUE Twin Peaks is launching Tower 1 on July 30 with prices starting from $2400 psf. OUE ltd is introducing a fourth payment scheme.
City Developments Limited (CDL) has also not been left behind and has made a bold statement through their Gramercy Park freehold project. The project has not yet been launched fully, but so far 30 of the units have been sold on at an average price of $2600psf.
"The two and three-bedroom units were received well by our potential buyers," a CDL spokesman stated.
"Singaporeans still top the list of luxurious property buyers, although we have seen an upsurge in the number of foreigners buying the properties in recent times," explained Realty Mr. Dominic.
"Foreigners buy with the aim of preserving their capital and are by no means affected or hindered by unfavorable rates of the foreign exchange market, '' he further added.
According to a recent JLL report, Singapore tends to offer compelling pricing models as compared to other major cities when it comes to High-end residential facilities. Up market homes and complexes, both in the cities of London and New York were 10 to 30% higher than in Singapore in the year 2010. As of 2015, the prices rose by 25%, while that of Singapore fell sharply by 20%.