Singapore Luxury Real Estate

Posted on September 14, 2010 by Mindy Yong.
Categories: Others Articles / Guides.

Singapore Luxury Real Estate

Singapore luxury real estate consists of condominiums which are currently selling at around $ 3000 per square feet. The government has managed to put a cap on residential property prices to some extent but the rates of the luxury properties are still increasing at a certain pace.

Experts say that the price rise for luxury properties would be around five to eight percent till the end of the year 2010. The strong economic fundamentals accompanied by strong cash holding by residents of Singapore have resulted in the steady rise of the real estate in Singapore. The low interest rates are also responsible for this to some extent.

As per most real estate experts the rates of the residential property will be controlled and will possibly see a slowdown in the coming months, however they also predict that the luxury real estate prices will continue to rise. The prices of the high end properties are not controlled by the government. Government has taken no measure to control the price rise in the luxury segment whereas in the normal residential properties the government has taken all possible measures to control the steep increases in property prices.

When compared to the previous year the prices have certainly gone up steeply. When compared to the property sales figures of Dec 2009 to May 2010, it can be seen that the price rise is almost six percent. Just in one month the price index of non landed private homes has increased by 2.5 percent. The steady growth in luxury real estate is inevitable and cannot be curbed. The government can release more state owned land to meet the demand of the property and hence there would possibly be no price rise in the normal residential property segment.

In the second half of the year the property demand for residential property would certainly see a fall. The intervention of the government has helped to control prices in this sector. The luxury sector is not touched by the government and hence the luxury properties will continue to rise. Real estate experts predict that the prices of the luxury properties would go up by another five or eight percent. Sentosa, Nassim Road and Ardmore Park are the noteworthy luxury properties in Singapore. Here the rates are as high as $ 5000 per sq ft. As per experts the lower luxury segment has also a considerable demand. Some of these properties are located at the districts 9, 10 and 11. The prices are said to go up even here.

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MINDY YONG

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