{"id":122272,"date":"2021-09-29T02:01:00","date_gmt":"2021-09-28T19:01:00","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-home-sales-in-central-region-reach-10-year-high-in-q2-2021\/"},"modified":"2021-09-29T10:15:10","modified_gmt":"2021-09-29T03:15:10","slug":"luxury-home-sales-in-central-region-reach-10-year-high-in-q2-2021","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-home-sales-in-central-region-reach-10-year-high-in-q2-2021\/","title":{"rendered":"Luxury home sales in central region reach 10-year high in Q2 2021"},"content":{"rendered":"


\nLuxury home sales in central region reach 10-year high in Q2 2021Singapore\u2019s upscale central region saw luxury home sales hit a 10-year high during the second quarter, reported TODAY citing an OrangeTee report.
\nThe core central region covers Bukit Timah, Holland, Sentosa, Newton Road, Orchard Road and the city areas.
\nBased on Urban Redevelopment Authority (URA) data, private home sales within the core central region jumped 25% quarter-on-quarter to 1,930. OrangeTee said it is the highest since Q4 2010 when 2,014 units were shifted.
\nPrivate homes sales in the core central region also increased by 4.5 times year-on-year, compared to Q2 2020, when strict Circuit Breaker measures were in place.
\nERA Realty\u2019s Head of Research and Consultancy Nicholas Mak attributed the large number of luxury home sales to the high number of units released for sale in Q2 2021.
\nRelated article:\u00a0What We Know About Singaporean Millennials and Luxury Property in 2021
\nThere were 1,019 new units launched for sale in the core central region in Q2 2021, which was one of the highest since Q4 2013 when 1,093 units were put up for sale, he said.
\nOther analysts attributed the hike in demand to the presence of high net-worth individuals eyeing to invest in property here as well as to the city-state\u2019s high vaccination rates, which helped boost consumer confidence.
\nOrangeTee noted that Singapore\u2019s real estate market is attractive to investors due to its relatively low estate taxes compared to other countries.
\nExpatriates also sees Singapore as a culturally vibrant and liveable country, enticing them to invest here.
\nSales of new homes in the core central region rose to an 11-year quarterly high with 813 units sold in Q2 2021, while resales hit a 12-year quarterly high with 1,109 units transacted.
\nOn a psf basis, 337 luxury condominiums changed hands at $3,000 psf, while 45 units were transacted above $4,000 psf, excluding bulk purchases.
\nDuring the first three quarters of 2021, there were 339 transactions for condominiums priced at over $5 million each. Of these, 74 fetched over $10 million each.
\nA 611 sq m apartment unit at Les Maisons Nassim along Nassim Road emerged as the priciest luxury sale in terms of price. The apartment was sold for $39 million in May.
\nThe landed housing segment also witnessed a spike in demand, with 2,407 properties sold islandwide during the first eight months of 2021, or up 140% over the same period last year.
\nIn the first eight months of 2021, over 50 Good Class Bungalows (GCB) were sold, with one such property on Nassim Road transacting at $128.8 million in March.
\nRelated article:\u00a0Who Are Buying Good Class Bungalows (GCBs) in Singapore?
\nThe number of luxury homes sold during this same eight-month period stood at 3,883, exceeding the annual sales posted in 2018, 2019 and 2020.
\nThe best-selling new luxury condominiums for this year include Midtown Modern, Irwell Hill Residences, Leedon Green, Fourth Avenue Residence and Hyll on Holland.
\nLooking ahead, OrangeTee expects demand for luxury homes to increase as the city-state opens up its borders and more foreign investors return.
\nHuttons Asia Chief Executive Officer Mark Yip expects Singapore\u2019s luxury property market to be boosted until 2022 along with a strong recovery of the global economy.
\nHe noted that investors will be attracted to come to the city-state due to its high vaccination rate as well as its stable political environment.
\n\u00a0
\nEugenia Liew, Senior Digital Content Specialist at PropertyGuru, edited this story. To contact her about this or other stories, email\u00a0eugenialiew@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Luxury home sales in central region reach 10-year high in Q2 2021<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Luxury home sales in central region reach 10-year high in Q2 2021Singapore\u2019s upscale central region...<\/p>\n","protected":false},"author":1,"featured_media":122273,"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-122272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/09\/les-maisons-nassim-news.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vO8","jetpack-related-posts":[{"id":111022,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-condo-prices-in-ccr-rose-10-5-in-q2\/","url_meta":{"origin":122272,"position":0},"title":"New condo prices in CCR rose 10.5% in Q2","date":"September 24, 2019","format":false,"excerpt":"\r This significant price hike of new home sales could be due to the increased demand for luxury homes during the period under review. Image source: OrangeTee The average price of new condominiums in the Core Central Region (CCR) rose 10.5 percent to $3,014 per square foot (psf) in the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118076,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-prices-to-remain-soft-in-the-coming-months-orangetee\/","url_meta":{"origin":122272,"position":1},"title":"Property prices to remain soft in the coming months, OrangeTee","date":"August 4, 2020","format":false,"excerpt":"\r Property prices are expected to remain soft in the coming months due to escalating tensions and growing economic uncertainties. The future of Singapore\u2019s property market remains uncertain and a full recovery may take a while, given the evolving COVID-19 pandemic and the impending macroeconomic crisis, according to OrangeTee &\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":117472,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-private-home-prices-drop-1-1-in-q2\/","url_meta":{"origin":122272,"position":2},"title":"Singapore private home prices drop 1.1% in Q2","date":"July 1, 2020","format":false,"excerpt":"\r Flash estimate\u00a0from the Urban Redevelopment Authority (URA) showed that the private residential property index fell 1.1% in Q2 2020.\u00a0 The COVID-19 pandemic has continued to affect the Singapore housing market as private home prices fell for a second consecutive quarter. Flash estimate from the Urban Redevelopment Authority (URA) showed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":117942,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-private-home-prices-up-0-3-in-q2-2020\/","url_meta":{"origin":122272,"position":3},"title":"Singapore private home prices up 0.3% in Q2 2020","date":"July 24, 2020","format":false,"excerpt":"\r Private home prices in Singapore rebounded 0.3% quarter-on-quarter in the second quarter of 2020.\u00a0 Private home prices in Singapore rebounded 0.3% quarter-on-quarter in the second quarter of 2020, following a 1% decline in the previous quarter, revealed the latest report from the Urban Redevelopment Authority (URA). The report noted\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101542,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-condo-prices-hit-record-high-in-q3\/","url_meta":{"origin":122272,"position":4},"title":"Luxury condo prices hit record high in Q3","date":"November 22, 2018","format":false,"excerpt":"\r View of luxury apartments in Singapore. The average price of resale luxury condos in Singapore reached a new record high of $2,063 psf in Q3 2018, likewise for new sales of high-end condos at $2,819 psf, according to a new report from OrangeTee & Tie. 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