They make up 22% of total transactions, compared with 10% a quarter earlier
Improved sentiment in the private residential sector has filtered from the mass market to the upper tiers in the second quarter of this year, an analysis of caveats shows.
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The proportion of caveats in Q2 for private housing transactions above $1.5-million was bigger than in Q1.
A study by DTZ shows that 22 per cent of transactions in Q2 were for deals above $1.5 million, compared with just 10 per cent in Q1.
Also, the number of transactions in the $1,500-1,999 per square foot (psf) range jumped more than 10 times, from 34 units in Q1 to 369 in Q2. And the number of deals for units costing $2,000 psf or more rose from just 10 in Q1 to 67 in Q2.
Another indicator of activity spreading to the higher end of the market is that a quarter of caveats lodged in Q2 were for properties in the prime districts 9,10 and 11, up from 14 per cent in Q1.
Buyers with private addresses accounted for 56 per cent of private home purchases in Q2, up from 44 per cent in Q1. This reflects a spillover of buying from the mass market to the upper tiers, DTZ said.
Conversely, HDB upgraders’ share of caveats lodged for private home purchases slipped from 56 per cent in Q1 to 44 per cent in Q2. Continue reading
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