Are you sure that more than 104 non landed homes were sold from January to October? This is the highest tally we have witnessed for the last couple of years. It is good to know that the management claimed that the highest ever was experienced 8 years ago. In 2011, more than 150 units were sold to different clients for the corresponding 10 months.
Demand for Luxury Properties Increase This Year
What if we analyze the number of units sold based on the average price per square foot? Approximately 823 units were purchased from January to early October this year. All these transactions have been highlighted by the real estate agency. In October, about 107 units were sold. You can imagine the level of demand in that case.
The overall demand for new private homes has remained healthy since October. As you can see, the demand has been on the rise despite the hard economic times in the region. There is no doubt that Singapore luxury properties have been thrust in 2019. The company has experienced several multi-million dollar purchases for the last couple of months. Residential homes have been the most preferred during this period. Location of Newton seems to be in demand now as it has Newton MRT Station Interchange.
Luxury Projects in Core City Centre Receive Good Demand
After thorough plans by the management, luxury homes rebounded several projects. Most of the projects were launched in prime districts. The main reason for establishing these projects is to satisfy customers’ demands that have been on the rise over the years. Who are the main buyers? You can agree with me that Singaporeans are the main clients. Also, the company has been transacting with a good number of foreigners for quite some time. Many people have been preferring their properties simply because they are located in prime areas.
Foreigners See Good Demand for Core City Centre Properties
Previous reliable records indicate that 70% of the properties that were previously owned by luxury homes had been purchased by Singaporeans. The rest were purchased by foreigners who have been investing in Singapore. From a close look, you can be able to see that there has been a gradual increase in the number of properties purchased by foreigners. This is a clear sign that indeed the real estate sector in Singapore will continue to boom in the coming years.
Usually, foreigners prefer purchasing new luxury non-landed homes. Actually, 150 units of 161 units they purchased for the last couple of months are luxury homes. That is the main reason why real estate companies are developing numerous luxury properties.