Interest in posh apartments picks up in 1H

131 units worth $5M and above were sold.

Strong sales from January-June put luxury apartments in a good position to perform better in 2016 compared to 2015, albeit an expected slowdown in 2H in the absence of new launches, says CBRE.

A total of 131 luxury apartment worth $5m and above were sold in 1H 2016. This is about 76% of the 166 units sold in the whole of 2015.

The strong sales could be attributed to creative pricing packages and payment schemes which triggered a flight to value," said CBRE.

Among the developments that contibuted to the 1H2016 volume was Ardmore Three which alone sold 34 units. The units were priced at $3,200 psf after 15% discount plus a 15% cash rebate for additional buyer's stamp duty.

Other projects included Leedon Residence (11 units), Goodwood Residence (6 units) and Gramercy Park (4 units).

The most expensive luxury apartment sold during the period was a 7th floor unit in Le Nouvel Ardmore which fetched $21M ($4,006 psf).

At end-June, the overall average price of luxury apartments stood at $2,950 psf, up from $2,700 psf at end-2015.