Sales of Singapore’s sluggish luxury housing is showing signs of recovery last May, with sales increased about 73% to 69 units on month-on-month basis, Barclays report said.
Singapore projects with price of unit higher than $2,000 psf, recorded more sales since the price corrections attracts more affluent buyers back to luxury market, according to Barclays.
Freehold development Cluny Park Residence sold 3 units last month with priced about $2,620 psf. It presents a 16% lower compared to $3,121 psf median launch price back in August 2013 when its 12 units were sold to buyer. To date, Cluny Park Residence sold 44 percent of its units.
Another notable luxury development is Leedon Residences which sold 7 units last may with a median price of $1,890 psf, lower than 5% price from the $2,000 psf in January 2013.
Moreover, Scotts Tower at Scotts Road registered the highest unit priced in May at $3,335 psf. While Marina One Residences by M+S Pte Ltd sold 12 units with median price about $2,391 psf, higher than $2,228 psf launch price last October 2014.
According to Barclays, sales of high-end residential projects have turned more positive as price have dropped by 24% from its peak versus a 6% fall for the overall market, it is expected to benefit the most in case the ABSD is eased.
