SkyparkSome of luxury property owners who had been previously holding out for excessively high property prices is now finally thrown in the towel in Q1 of the year.

According to Colliers, a number of luxury and super-luxury property were sold at excessive prices in first quarter, since luxury and super-luxury apartments prices dropped by the end of March 2015 with an average of 3.7% of $2,746 per sq ft.

“Some property owners who had been previously holding out for higher property prices also realized their stances. This is certainly evident for luxury and super-luxury home owners, particularly for those with multiple properties acquired at the top of the property boom in year 2007 before the financial crisis start” Colliers said.

In some cases, the 2,626 sq ft condominium unit located at Sentosa Cove Singapore was sold in the months of January for approximate $3.13m or just about $1,190 per sq ft.

This property price is around $1.21 million lower than to actual purchase prices of $4.34 million or about $1,653 per sq ft in which the property seller paid for March 2007, stated by URA’s Real Estate Information System (REALIS) caveats.

One of Singapore’s most luxurious property is SkyPark Residences EC, the first Executive Condominium development located at Sembawang, Northern Singapore.