Despite the threat of a fresh economic slowdown in the US and Europe which has inundated investors and organisations worldwide, the private residential market in Singapore.
continued to see robust home sales in Q, according to the latest research from real estate service provider Savills in Singapore.
Singapore’s economic forecast for 2011 has been down graded from five to seven per cent to between five and six per cent, yet the lion city still saw robust home sales in July and August driven by the mass-market segment where especially HDB upgraders were driving demand.
Executive condominiums have grown in popularity after the government lifted the monthly income ceiling for new EC purchases, states the report, adding that more primary home sales activity was observed in the northeastern region.
High-end and super-luxury home prices slipped two per cent and 0.4 per cent quarter-on-quarter in Q3 respectively, while mid-tier home prices dipped marginally and mass-market home prices rose. The average price for non-landed high-end private homes dipped from S$2,286 (US$1,816) per sq ft to S$2,243 (US$1,782) per sq ft in Q3 while the price or super-luxury units dipped marginally from S$3,681 (US$2,925) per sq ft to S$3,667 (US$2,914) per sq ft
Overall home sales may dip by 20 per cent quarter-on-quarter in Q4, possibly ending the year with a total of 14,500 to 15,500 primary sales, said the report and added that prices of homes may continue to edge up by one to two per cent quarter-on-quarter in Q4, while high-end and mid-tier homes may see a price correction of between two to four per cent.
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