Let’s talk prime-spot, high-end, luxury property!
Condo’s & Apartments
Defined as homes in District 9 to 11, with a floor area of at least 2,000 square feet, only 112 Luxury apartments have changed hands this quarter. That is 50 units down from the same time last year, and 76 down from the year before that.
Taken in view of the overall non-landed property resale market, upscale apartments have been on the down also, accounting for merely 10% (73 units) of all transactions this quarter. To put it in a historic perspective, both last quarter and last year’s third quarter, the ratio was 12% (147 units & 97 units). During the same period two years ago 118 units were sold comprising a proportion of 14% (188 units).
Two main reasons are given for the downturn in the luxury apartment segment of the market.
Firstly, the continuing effects of the Additional Buyer’s Stamp Duty (ABSD) heighten prices, and seeing that the Stamp Duty is progressive it especially hits the high-end market, effectively discouraging buyer’s from making their move in this segment of the market.Â
Secondly, as sellers of luxury homes have considerable holding power and buyers are looking for discounts, a rift is occurring between the asking price and what people are willing to pay. As neither buyer nor seller is willing to budge, the number of transactions drop.
Landed Property
Moving from condo’s and apartments to landed property, the market in district 9 to 11 is holding up better with 30 houses being sold this quarter, totalling S$266.3 million. This is comparable to the transactions in the third quarter last year when 32 houses were sold worth S$ 274.9 million. And it is actually better than the year before that when in the third quarter only 23 houses were sold worth S$244 million.
For more information see the Straits Times.
If you enjoyed this article, you might be interested in New launch versus resale: which makes a better investment property? and 2017 Roundup: 9 property news headlines that took the market by storm.
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About Marouan Fatti
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
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