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High-end properties peak in Singapore
Friday 28 10 2011 02:05:47
Although private home market in Singapore continues to have a marginal turnover in the third quarter of 2011, real estate specialists agree that the prices for the luxury section seem to have peaked.
On average, price per square foot on high-end homes fell by two per cent to S$2,243 for the first two months of the third quarter from S$2,286 the previous quarter.
In the super luxury segment, prices declined by 0.4 per cent to S$3,667 per square foot from S$3,681.
High end homes cost 0.7 per cent less than at the start of the year, while super luxury prices increased by 8.4 per cent.
Since the peaks in the fourth quarter of 2007, the high end and super luxury prices are currently at just 6.9 per cent and 0.4 per cent from their peak levels, respectively.
The high-end segment has seen poor turnover in the first two months of the third quarter, with only 122 units sold in July in the Core Central Region, which were almost halved with 65 transactions in August.
To put it in perspective, a total of 1,398 units were sold in July, an 18 per cent increase from a month earlier. Including executive condominiums, the number of new home sales rose by 41 per cent mont on month to 1,966 units. Primary sales, excluding executive condominiums buoyed at 1,348 units.
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