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Decline in luxury home launches in Singapore
Publication Date : 24-06-2014
Luxury launches have been few and far between so far this year, a sign of the languishing high-end segment.
Only one major luxury project has been rolled out onto the market so far this year, property consultancy HSR said in a report on Monday.
It added that up to 12 high-end projects containing around 2,060 homes in total were still waiting in the pipeline to be launched as at last month.
The only major luxury residential project that has gone on sale so far this year was The Rise @ Oxley - Residences in the upscale District 9, HSR said.
The 120-unit project at Oxley Rise near Orchard, developed by Oxley Holdings, was launched in May.
It sold eight units at a median price of S$2,452 (US$1,963) per sq ft that month, according to data from the Urban Development Authority.
Its launch came after a seven-month drought. The most recent major launches of luxury projects before this were in October last year, according to HSR data.
These were the launch of Goodwood Grand at Balmoral Road in District 10 and Liv on Wilkie at Wilkie Terrace in District 9. Both are freehold.
See more at: http://www.straitstimes.com/news/business/property/story/luxury-home-launches-few-and-far-between-year-consultancy-20140623#sthash.HgmqaC0i.dpuf