{"id":60070,"date":"2017-07-07T10:16:09","date_gmt":"2017-07-07T03:16:09","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-home-prices-on-the-upswing\/"},"modified":"2017-07-07T10:19:37","modified_gmt":"2017-07-07T03:19:37","slug":"luxury-home-prices-on-the-upswing","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-home-prices-on-the-upswing\/","title":{"rendered":"Luxury home prices on the upswing"},"content":{"rendered":"


\nImage: Martin Modern (Christopher Chitty)
\nWhile it has taken a beating from the government\u2019s property cooling measures in recent years, luxury home prices in Singapore are now showing signs of recovery, reported Bloomberg.
\nIn fact, luxury home sales had been on the upswing even before some of the cooling measures were eased by the government in March, said Guocoland group managing director Cheng Hsing Yao.
\nHe believes the easing in March added fuel to the buying sentiment.
\n\u201cThe change in sentiment wasn\u2019t caused by the tweaking alone,\u201d said Cheng. \u201cThe tweaking has contributed but sales for our projects started picking up toward the end of last year.\u201d
\nGuocoland is set to launch its 450-unit Martin Modern project, which is nestled on a site it acquired for S$595 million last year. It was the highest paid in a government auction for a purely residential site since 2009, on 22 July. Cheng expects majority of the units to be acquired by Singapore-based permanent residents and Singaporeans.
\n\u201cDemand is there, with lots of people waiting on the sidelines,\u201d he said. \u201cPrices have bottomed, and we can see a slight firming up already.\u201d
\nAnd given the narrowing of the price gap between mass market and high-end homes, the relative value of luxury properties is now attractive, he added.
\nAccording to Cushman & Wakefield, luxury homes refer to houses in prime districts measuring at least 2,000 sq ft. and priced from S$1,500 per sq ft. The broker noted that the prices of such homes fell by 15% to 20% from their 2013 peak.
\nThis comes as Singapore home prices extended their fall to a record 15th quarter in Q2 2017 as the government kept most of the cooling measures in March. Urban Redevelopment Authority data showed that prices in prime areas fell by 0.9%.
\nBut while the reduction of stamp duty imposed on sellers in March stoked optimism that the property market is on the rebound, with developers aggressively bidding at land auctions and home sales jumping, the central bank said the adjustments does not signal an unwinding of the curbs.
\n\u201cMany countries have started to introduce their own versions of cooling measures. In terms of pricing, Singapore is quite attractive when compared to Hong Kong and some of the cities in China,\u201d said Cheng.
\n\u00a0
\nSenior Content Specialist, Christopher Chitty, edited this story
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Luxury home prices on the upswing<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Image: Martin Modern (Christopher Chitty) While it has taken a beating from the government\u2019s property...<\/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-60070","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-fCS","jetpack-related-posts":[{"id":52814,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/guocoland-to-launch-martin-modern-in-second-half-of-2017\/","url_meta":{"origin":60070,"position":0},"title":"GuocoLand to launch Martin Modern in second half of 2017","date":"April 25, 2017","format":false,"excerpt":"\r More than 80 percent of the Martin Modern site will be turned into a botanic garden. Image source: GuocoLand Property developer GuocoLand is targeting to launch Martin Modern, a new luxury condominium in District 9, in the second half of this year. Located at the corner of Martin Place\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63296,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/guocoland-cuts-back-unit-releases-at-martin-modern\/","url_meta":{"origin":60070,"position":1},"title":"GuocoLand cuts back unit releases at Martin Modern","date":"August 10, 2017","format":false,"excerpt":"\r The developer plans to increase the selling price of Martin Modern in 2018. Believing that private home prices will increase, property developer GuocoLand trimmed the number of units offered for sale at its luxury condominium Martin Modern in Martin Place, reported the Straits Times. It noted that 110 out\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":60066,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/guocoland-launches-first-large-scale-launch-in-robertson-quay-area-in-eight-years\/","url_meta":{"origin":60070,"position":2},"title":"GuocoLand launches first large-scale launch in Robertson Quay area in eight years","date":"July 7, 2017","format":false,"excerpt":"\r Landscaping, gardens and pools will utilise 80 percent of the 1.6-ha site. Source: GuocoLand Developer GuocoLand is launching luxury project Martin Modern on 22 July. The development is the first major condominium launch in the last eight years in the Robertson Quay area. Nearby amenities include the upcoming Great\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":61680,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/90-units-at-martin-modern-sold-amounting-to-220m\/","url_meta":{"origin":60070,"position":3},"title":"90 units at Martin Modern sold amounting to $220m","date":"July 25, 2017","format":false,"excerpt":"\r First phase of Martin Modern condo sold out. (Photo: GuocoLand Singapore) The official launch of Martin Modern last weekend (22-23 July) saw close to 90 units sold at a total value of more than $220 million, said developer GuocoLand. Although more than 2,000 people visited the luxury condominium\u2019s showflat\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110501,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/guocoland-to-preview-meyer-mansion-this-saturday\/","url_meta":{"origin":60070,"position":4},"title":"GuocoLand to preview Meyer Mansion this Saturday","date":"September 5, 2019","format":false,"excerpt":"\r The latest edition of GuocoLand\u2019s collection of luxury residential properties in prime districts, Meyer Mansion follows the success of projects such as Leedon Residence, Goodwood Residence, Martin Modern and Wallich Residence. Meyer Mansion, GuocoLand\u2019s freehold seafront residential development at Meyer Road, will be opened for preview this Saturday (7\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":60680,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bungalow-in-the-sky-up-for-sale-for-100m\/","url_meta":{"origin":60070,"position":5},"title":"\u2018Bungalow in the sky\u2019 up for sale for $100m","date":"July 14, 2017","format":false,"excerpt":"\r Artist\u2019s impression of the Wallich Residence penthouse. A three-storey penthouse equipped with a private pool on the 64th floor has been put up for sale for a whopping $100 million, reported Reuters. 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