Luxury home sales up 73% in May
Singapores weakened luxury housing market showed signs of improvement in May, with sales soaring 73 percent month-on-month to 69 units, revealed media reports citing Barclays.
In fact, projects with units priced above $2,000 psf registered more sales as price corrections attracted affluent buyers back to the high-end market, noted Barclays.
Cluny Park Residence, for instance, moved three units at $2,620 psf last month. This is about 16 percent lower than its median launch price of $3,121 psf back in August 2013 when buyers took up 12 units. To date, the project is 44 percent sold.
Another notable project is Leedon Residences which sold seven units at an average price of $1,890 psf in May, down five percent from $2,000 psf in January 2013.
The Scotts Tower recorded the highest price for a unit in May at $3,335 psf. Marina One Residences moved 12 units at an average price of $2,391 psf, up from its launch price of $2,228 psf in October 2014.
Meanwhile, CapitaLands Sky Vue moved one unit at $1,626 psf while Sky Habitat sold 12 units at $1,619 psf.
We have turned more positive on the high-end residential market as prices in this segment have fallen by 24 percent from their peak vs. a six percent decline for the overall market, and we expect it to benefit the most if the ABSD is eased, noted Barclays.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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