Luxury Property | Lush Dream Home

Category Archives: Luxury Property

Just one bungalow sold in Sentosa Cove during H1 2014

Posted on 8 Sep 2014 | Comments Off

A $17 million bungalow on Treasure Island in Sentosa Cove has the distinction of being the only bungalow sold in the posh enclave in H1 2014, CBRE said.

This translates to a psf price of $1,506 on a land area of 11,281 sq ft. The same property last changed hands back in 2010 for $17.8 million, noted the consultancy.

Meanwhile, a total of 18 such homes on the resort island were sold in 2013. Two reasons for the slumping sales could be the higher ABSD rate of 15 percent imposed on foreign buyers and the uncertainty among this group of obtaining approval to buy landed property from the Land Dealings Approval Unit (LDAU), revealed media reports.

Despite the slowdown recorded in H1, CBRE reckons sales will pick up in H2 2014.

For instance, the developer of Pearl Island is ramping up efforts to sell its remaining 12 bungalows. Priced between $14 million and $25 million, they were completed two years ago.

“Similar to the GCB (good class bungalow) market, there are only 317 bungalows in Sentosa Cove and the resort-like waterfront living is not replicated elsewhere in Singapore. There will be interest among HNWIs (high-net-worth individuals) to own a trophy home here,” CBRE added.

Comments Off on Just one bungalow sold in Sentosa Cove during H1 2014

Posted in Cooling Measures, Luxury Property, Sentosa Property

Tagged $17 million bungalow, ABSD, Pearl Island, Sentosa Cove, Treasure Island

Buyers shun luxury city apartments despite price falls

Posted on 8 Sep 2014 | Comments Off

Luxury apartment sales in the city centre sank markedly in the first half of 2014, revealed a CBRE report.

According to caveats data for the Core Central Region (CCR), there were 48 transactions of properties costing $5 million and above in the first six months of the year, compared to 78 and 107 deals in H2 2013 and H1 2013 respectively.

CBRE attributed the drop in sales over the past year to the TDSR framework which took effect at the end of June 2013.

At the same time, foreign buyers who used to be big players in Singapore’s prime residential market, appear to be retreating since the ABSD was raised to 15 percent.

Purchases by foreigners plummeted to 14 units in H1 2014 from 35 the year before.

Weak market conditions have also put pressure on prices, with the average price of completed luxury apartments at $2,800 psf, down slightly from $2,825 psf at end-2013.

Helped by the sale of 16 units at Goodwood Residence after factoring price discounts and rebates, the average price for new developments was $2,400 psf.

As at end-June, three luxury residential projects were completed, namely Tomlinson Heights, TwentyOne Angullia Park and Le Nouvel Ardmore. But the report noted that approximately 70 percent of the 167 units from these developments remain unsold, on top of 300 unsold units from other projects completed over the last one to two years.

To help close deals, CBRE said: “Some developers are looking for bulk purchasers while others are seeking to attract buyers via direct discounts and ABSD rebates. With prices softening, sales volume might see improvement in H2 2014.”