Prices of luxury homes dipped 6% in Q2

St Regis Residences was the major drag with prices down 28%.

According to Savills Consultancy & Research, after a massive run-up in prices during the property boom in 2007,
the current increase in unsold stock and imposition of property curbs have placed pressure on luxury home
prices.

Prices for non-landed new  sales dipped 5% QoQ to S$2,374 per sq ft in Q1/2012, sliding further to S$2,230 per sq ft in Q2/2012.

Bargain hunters hoping to snag a good buy may find some ripe pickings in the following developments:

19 units at Paterson  Suites were purchased at an average price of S$2,619 per sq ft this year, 10% below last year’s price level of S$2,915 per sq ft and 15% off the peak price in 2007.

Twelve units at the Orchard View changed hands at an average price of S$2,604 per sq ft, a substantial 21% discount from the 2010 peak price.

Four transactions at St Regis Residences posted the largest drop of 28% from the peak to S$2,228 per sq ft in 1H/2012.