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Super prime home sales value to rise 27%

Posted on 3 May 2013 | Comments Off

The value of residential property purchases worth more than US$15.5 million (S$19.18 million) in London, New York, Hong Kong and Singapore is expected to rise by 27 percent in the next five years, according to a report.

Produced by British luxury developer Candy & Candy, Savills and Deutsche Bank, the study looked at ultra-prime property markets in these four cities and their outlook.

Collectively, these areas saw over 300 residential property transactions worth more than US$15.5 million (S$19.18 million) last year, according to Savills.

Overall, transaction value surpassed US$10 billion (S$12.37 billion) in 2012. But by 2017, the number of transactions in this category is expected to reach 400 annually with a combined worth of at least US$13 billion (S$16.08 billion).

The report also looked at the surge in the number of ultra-high-net-worth individuals (UHNWI) and how they will affect demand for super-prime homes in the four cities.

“By 2017, the UHNWI population is expected to have increased by 20 percent and their wealth by 30 percent,” said Nick Candy, CEO of Candy & Candy.

“A trophy ‘safe haven’ property in a global city is typically at the top of the shopping list for wealthy individuals, and their continuing appetite for such investment is expected to exert even greater influence over global property markets in the next few years.”

The report added that global wealth is forecasted to increase to US$150 trillion (S$185.6 trillion) by 2017. Meanwhile, the number of billionaires rose by more than 10 percent in 2012, while their fortunes grew by 14 percent.

Source : PropertyGuru – 2013 May 3

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Posted in Luxury Property, Property Market / Real Estate

Tagged Luxury Property, residential property

Japanese developers stay positive on singapore property

Posted on 3 May 2013 | Comments Off

Despite on-going economic uncertainty in Singapore, Japanese developers remain optimistic about investing in the city-state, reported The Business Times.

Most have credited their success to joint ventures with more established local developers.

However, the recent property cooling measures have affected some firms. For instance, sales have been dampened at several projects, with Mitsubishi East Asia’s Sky Habitat the most hit. The 509-unit condominium in Bishan sold just 30 percent or 154 units between its launch in April 2012 and March this year.

“After so many cooling measures from the government, now the residential market is not so hot, and we understand that,” said Takashi Utagawa, Managing Director at Mitsubishi Estate Asia.

However, the developer is staying optimistic and has partnered with CapitaLand again to erect another project which is expected to yield some 700 units next to Sky Habitat.

Meanwhile, the majority of Japanese players are undeterred by the measures.

Despite selling close to 99 and 83 percent of its Watertown and Q Bay Residences projects, Kenta Konishi, Managing Director at Sekisui House Singapore, said: “We cannot be too optimistic about the impact (of the cooling measures) so we have to be very careful to the response of the market.”

Shinji Yamana, Managing Director at ORIX Investment and Management, which developed Nassim Park Residences with UOL, stated: “As ORIX is planning to be here long term, I do not foresee these changes derailing our future plans here.”

Source : PropertyGuru – 2013 May 3