The lack of sales in the luxury property segment may soon end as several ultra-rich buyers are now starting to scour the market for bulk acquisitions of underpriced high-end residential units with potential for long-term capital appreciation, said Colliers International and reported in the media.
After experiencing the prolonged down-cycle in luxury property sales, sellers are now more than willing to negotiate, it said.
Notably, luxury homes have been hardest hit by the government’s various property cooling measures, with prices dropping for six consecutive quarters.
In the third quarter of 2014, luxury home prices fell 0.9 percent quarter-on-quarter, following a 1.5 percent drop in Q2 2014.
Meanwhile, only one condo was sold in Sentosa Cove in H1 2014, further highlighting the lack of sales in the high-end property segment.
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