For many Luxury property developments based in Singapore, this seems to be the perfect time. Even the average property prices have dropped to record low, to the level price of 2009, there has been a overwhelming interest for penthouses. As for why buyers have taken interest in penthouses, there are various factors involved.
First of all, in the past few months, there has been an upsurge in the existing prices of the average property market. To exemplify this, in January there was a sharp increment of 17.6 percent in the in unit sales, this obviously is a positive sign. Interestingly, things change for better in the domain of penthouse.
Since the standard units are in oversupply across the country, prices of normal units may drop even further. Also, due to increasing purchases, for many buyers the market may reach the maximum price point. This also goes for penthouses as well. In the last 5 years, penthouse prices are continuously dropping, up to 20 percent down. Contrarily, in New York, London, and Hong Kong prices of luxury homes have been progressively up.
This is benefitting the super-rich Singaporeans.
Interestingly, the distressed sales are also very uncommon at the top end of the property market. Based on the recent activities in the property market, we can see that some developers are looking forward to take a hit. In Quarter 4 of 2016, a buyer was able to buy a 4-bedroom duplex penthouse at Seascape for $6.35 million. The original price paid by the previous owner for this luxury apartment at Sentosa Cove in2011 was $11 million.
The reselling of the property also indicates the increased interest in property auctions. Usually, distressed sales are made in the auction. The fourth quarter sales for 2016 were $47.2 million, which is a total 51 percent sale of 2016. If you want to make a quick sale, with 10 percent drop down for the day, and cash, auctions are the right place to get a penthouse in bargain price.
However, reselling does not make a loss always. Developers also seem to be willing to help the buyers to make the informed decision.
For instance, there has been a sharp increment in various kinds of schemes. One scheme that is very popular is a scheme in which the buyer pay 20 percent option-to-purchase fee valid for the period for two years. Buyers are also given a chance to sign a master tenancy agreement, according to which they can rent out their units without incurring any hassles.
A flat discount is also very common. These days buyers can get up to 12 percent discount. Furthermore, developers also pay property tax and two years maintenance fees on the behaof of the buyer.
These days penthouses are fully furnished and come with specialist design, which is an added feature. Experience living a place with an exquisite design, a place where it assures family’s safety and happiness, that place is the Twin Fountains EC.
