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Selective Buying In Luxury Market

Selective Buying In Luxury Market

Luxury Homes H1 2019 External events weighed on market sentiments A total of 17 deals within the Good Class Bungalow Areas were known to be closed in H1 2019, amidst a slowing economy due to geopolitical tensions, the US-China trade war, Brexit and the resultant uncertainties. A year ago, in H1 2018, when an air of optimism ruled the market, a similar number of 17 bungalows were sold. Thereafter, market sentiments were dampened by the introduction of higher additional buyer’s stamp duty (ABSD) in July 2018. Even so, the GCB market performed relatively well in H2 2018 with 25 GCB d...

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Super Penthouses: The Epitome Of Luxury Homes

Super Penthouses: The Epitome Of Luxury Homes

This report has been updated on 3 July 2019 to reflect the sale of 212 Fifth Avenue, New York and Boulevard Vue, Singapore in June 2019. BLOCKBUSTER PENTHOUSE DEALS Citadel-founder Ken Griffin lit up the luxury residential sector in January 2019 when he bought a super penthouse in New York City for US$240 million. This purchase followed another acquisition he made in London in which he forked out US$122 million for a 200-year old house overlooking London’s St James Park. Griffin’s new unit in 220 Central Park South spans across four floors from level 50 to level 53 and will be deli...

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Winter Is Coming?

Winter Is Coming?

In the first three months of 2019, developers seemed to be testing the waters to understand homebuyers’ mindset with respect to the July 2018 measures against the backdrop of a clouded economic outlook. As developers launched 2,989 new homes for sale in Q1 2019, some 1,838 units were sold. This mirrored the take-up of 1,836 units in the previous quarter, a sign that there is demand but buyers are still sizing up the market.

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Start Of A New Cycle

Start Of A New Cycle

The residential market continued to balance the supply-demand tension with pricing strategy as developers/ sellers and home buyers include the higher stamp duties which came into effect since July 2018. Sensing that the pace of sales was slowing down in the fourth quarter, developers launched a smaller number of new homes for sale so as not to create an over-supply situation. As expected, 1,657 new homes were sold, much lower than the 3,754 units sold in the previous quarter. For the whole year, new sales volume fell by 17% to 8,795 units. A similar slowdown was seen in the secondary market. T...

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Live Branded: The Rise Of Branded Residences

Live Branded: The Rise Of Branded Residences

Branded residences first evolved through the partnership of luxury residences with hospitality brands, where the brand name of a hotel is licensed for use on the residence. The hotel operator may also form a more intimate alliance with the developer to provide a full range of services and activities. Although branded residences have been around for nearly a century, it was only since the 1980s that the market has grown significantly, fuelled by an increase in the global population of high-net-worth individuals, growing wealth in emerging markets, evolving consumer trends as well as home owners...

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Luxury Holds Steady

Luxury Holds Steady

The steady performance of the luxury market shows its resilience even though market sentiments in the second half of 2018 were dampened by the July 6 cooling measures. In terms of sales activity, 42 GCBs were sold in 2018, same as in 2017; 11 Sentosa Cove bungalows were sold, less than the 15 sold in 2017; and 365 luxury apartments were transacted, marginally higher than the 361 units sold in 2017. On a price per square foot basis, GCBs reflected a 14% rise, Sentosa Cove bungalows were up by a modest 1.6% and luxury apartments were 16% higher than 2017 levels. The luxury market is expect to ho...

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Recalibrating For Sustainability

Recalibrating For Sustainability

The cooling measures announced by the government on 5 July threw the residential market into a frenzy. Within a span of five hours, over 1,000 units were sold from three new projects as buyers rushed to beat the midnight deadline to avoid paying the new higher Additional Buyer’s Stamp Duty (ABSD) rates.

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Price Recovery Outpaced Volume

Price Recovery Outpaced Volume

Activity in the residential market picked up significantly in Q2 2018. The price index gained 3.4% q-o-q while total sales volume jumped up 35% compared to Q1 2018. The rental market also improved as the index turned positive for the second consecutive quarter, rising by 1.0% q-o-q. After 17 quarters of decline, it seems that residential rents could have bottomed out in Q4 2017. The stronger sales momentum in Q2 2018 could be attributed to more new project launches, pent up demand and liquidity. Right sizing and right pricing were key to the robust sales in Q2. Based on the caveats lodge...

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Passage To Luxury

Passage To Luxury

Confidence in the luxury apartments market in H1 2018 led to a 30% jump in sales volume and 12% rise in prices form H1 2017. New Futura, the Nassim and Gramercy Park stood out as best-sellers during the period. In the bungalow market, 22 Good Class Bungalows were sold along with six bungalows in Sentosa Cove in H1 2018. Although these volumes were slightly lower than in H1 2017, prices have edged up slightly. As the residential market is still at its early stages of recovery, we believe that current prices are at attractive levels, lending a passage for end-users and investors to acquir...

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Eight Prime Districts Instead Of Three?

Eight Prime Districts Instead Of Three?

Districts 9, 10 and 11 have always been regarded as the traditional prime districts in Singapore, due to the central location and the historical significance. Over the years, as the economy progresses and older buildings in the city begin to lapse into obsolescence, the salient need to rejuvenate and modernize these areas becomes apparent. The government began to roll out various initiatives to strike a balance between injecting a new lease of life into the ageing areas while expanding the Central Business District. These initiatives encompass new transportation linkages that complements the e...

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