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ON THE MARKET
October14
DEBORAH LAW
Executive Director,
Expat Realtor
Hot Properties
W
hile the debate continues as to
whether the government should
tweak some of its cooling measures,
luxury apartment prices that were holding
their own have finally started to soften. Luxury
developers are now looking to bulk buyers as
well as offering discounted prices and ABSD
(Additional Buyer’s Stamp Duty) rebates to
boost dwindling sales.
Although luxury purchases by foreigners
have been steadily falling (the first half of
2013 saw 36 luxury units sold; the same
period in 2014 just 14), there is optimism
that this might improve with recent price-
softening in this market segment. Times are
tough for developers; their profit margins
have approximately halved as take-up rates
continue to fall island-wide and construction
and financing costs increase.
Continuing downward pressure on rentals
is assisted by a reduction in the influx of
foreigners and more supply. There’s noticeably
less demand for properties that rent at above
$10k a month, as cost-conscious companies
step away from corporate leasing – preferring to
give their employees set packages with which
to plan their own accommodation, schooling
and car hire. Employees are therefore seeking
to save costs by choosing less expensive
accommodation. A note to tenants: it’s a great
time to lock in a good deal.
In the next issue, look out for my tips to
landlords and sellers on how best to move their
properties in such a market.
Be the owner of this prime luxury villa in the sky. Winner of the FIABCI Prix Excellence
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space on a single level.
Top furnishings and a fabulous roof terrace for entertaining give you the best of
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just a short drive fromOrchard Road, the CBD and Novena MRT station and shops.
Pinnacle of
Prestige
$11M SALE
Size: 4,715 sq. ft
Bedrooms: 5
Type: Condo
District: 11