{"id":108862,"date":"2019-07-10T15:24:50","date_gmt":"2019-07-10T08:24:50","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-home-sales-fell-33-8-in-1h2019\/"},"modified":"2019-07-10T16:04:31","modified_gmt":"2019-07-10T09:04:31","slug":"luxury-home-sales-fell-33-8-in-1h2019","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-home-sales-fell-33-8-in-1h2019\/","title":{"rendered":"Luxury Home Sales Fell 33.8% in 1H2019"},"content":{"rendered":"


\nSales of high-end private landed homes above $5 million slowed, falling 33.8 percent to $1 billion in the first half of 2019 from the previous period, revealed a Knight Frank report.
\nOn an annual basis, sales of such homes declined 53.51 percent.
\nURA flash estimates showed that the landed residential property price index (PPI) climbed 0.2 percent quarter-on-quarter in Q2 2019 after rising 1.1 percent quarter-on-quarter in Q1 2019.
\nWith the drop in sales, Knight Frank attributed the increase in PPI to buyers paying a premium for properties of their choice \u2013 pushing up prices. This likely points to an increasing price gap between sellers and buyers, which caused the sales of luxury homes to drop in 1H 2019.
\n\u201cWhile the overall market remains soft and Good Class Bungalows (GCB) may take a longer time to transact, recent sales showed that the buyers are willing to pay more for landed homes that meet their needs and requirements,\u201d said Linda Chern, head of residential (prime sales & corporate leasing) at Knight Frank.
\nLooking for a new home but not sure where to start? Check out our\u00a0Area Insider Guides\u00a0for insights!
\nThe report noted that sales of GCBs also decreased 45.3 percent to $211.9 million in 1H 2019 from 2H 2018.
\n\u201cThe fall in sales is on the back of the release of weaker Singapore economic data, which dampened market sentiments,\u201d it said.
\nNonetheless, some GCBs were still transacted at a high land price during the period. Knight Frank cited the $30.2 million sale of 16 Jervois Hill as a case in point.
\nLooking ahead, the property consultancy expects the transaction volume for luxury homes to be muted this year, on the back of the trade war tensions and sluggish economy.
\n\u201cWhile interest persists, the price gap between buyers and sellers is likely to widen,\u201d it said.
\nFiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email\u00a0fiona@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Luxury Home Sales Fell 33.8% in 1H2019<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Sales of high-end private landed homes above $5 million slowed, falling 33.8 percent to $1...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-108862","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-sjQ","jetpack-related-posts":[{"id":117846,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-homes-sales-to-hit-up-to-7000-this-year\/","url_meta":{"origin":108862,"position":0},"title":"New private homes sales to hit up to 7,000 this year","date":"July 17, 2020","format":false,"excerpt":"\r Despite the circuit breaker restrictions, sale activities still continued to happen in Q2 2020.\u00a0 While the enforcement of the circuit breaker measures disrupted real estate activities in Q2 2020, Knight Frank believes the progressive easing of the restrictions and resumption of economic activities will contribute to a pickup in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115742,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-market-sentiment-to-weaken-amid-restrictive-containment-measures\/","url_meta":{"origin":108862,"position":1},"title":"Residential market sentiment to weaken amid restrictive containment measures","date":"April 20, 2020","format":false,"excerpt":"\r After the residential market showed signs of slowing in the first quarter of 2020, Knight Frank expects market sentiment to weaken amid concerns over job security as well as restrictive containment measures due to Covid-19. Urban Redevelopment Authority (URA) flash estimates showed that the Property Price Index (PPI) of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118202,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sale-of-prime-non-landed-homes-plunge-52-9-in-1h-2020\/","url_meta":{"origin":108862,"position":2},"title":"Sale of prime non-landed homes plunge 52.9% in 1H 2020","date":"August 12, 2020","format":false,"excerpt":"\r However, Knight Frank expects the sale of prime non-landed homes to improve in the second half of 2020. Singapore saw sale of prime non-landed homes drop 52.9% to $659.2 million in the first half of 2020 from the $1.4 billion registered in the second half of 2019, revealed a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122568,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/demand-for-private-homes-remain-strong-in-q3\/","url_meta":{"origin":108862,"position":3},"title":"Demand for private homes remain strong in Q3","date":"October 13, 2021","format":false,"excerpt":"\r Despite fewer projects launched in Q3 2021,\u00a0there were 3,358 new sale transactions, up from 2,838 in Q2 2021. Singapore saw no significant drop in demand for private homes during the third quarter of 2021, even as the city-state reverted to Phase 2 (Heightened Alert) from 22 July to 18\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/Singapore-Condo.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":119931,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/landed-homes-market-to-see-increased-activity-this-year\/","url_meta":{"origin":108862,"position":4},"title":"Landed homes market to see increased activity this year","date":"January 29, 2021","format":false,"excerpt":"\r Knight Frank noted that 253 landed homes were transacted in the second half of 2020, up from the 108 units shifted in 1H 2020 and the 126 units sold in 2H 2019. 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