Luxury home sales surge 246%

Demand for ultra-posh residences worth at least S$3,000 per sq ft also rose to 31 units.

According to Savills Asian Cities Report, post-ABSD (Additional Buyer’s Stamp Duty), sales plunged to a three-year low of 453 non-landed units in Q1/2012. However, sales activity almost doubled to 914 units in the following quarter.

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A spike in sales was observed across all market segments, with new sales rising 246% quarter-on-quarter (QoQ) to 235 units in Q2/2012, sub-sales rising 34% QoQ to 94 units and resales increasing 86% QoQ to 585 units. In fact, the proportion of resale homes in the prime district rose from 39% in 2010 to 50% in 2011 and 66% in 1H/2012.

Demand for ultra-luxury homes priced above S$3,000 per sq ft also rose from 11 units in Q3/2011 to 31 units in Q2/2012. Among them, two transactions were recorded at Scotts Square – one sold for S$4,566 per sq ft in May and another for $4,803 per sq ft in June 2012. A 1,808-sq ft unit on the 52nd storey of The Orchard Residences was sold for S$4,399 per sq ft, while two units at Boulevard Vue were sold for S$4,326 per sq ft and S$3,934 per sq ft.

A newly launched project, Twentyone Angullia Park, also garnered keen market interest with five sales completed over the last three months at prices hovering between S$3,950 and S$4,338 per sq ft. While these transactions do not mark new highs, they indicate that there is still a reasonable level of demand for luxury homes given the present cautionary mood.