Business Times - 15 Nov 2010
Getting burnt over high-end homes
However, 90% of sub-sale transactions still turned a profit
By UMA SHANKARI
(SINGAPORE) A handful of private homes nearing completion in the prime Orchard Road area have been re-sold at a loss........
Steven Ming, executive director for prestige homes at Savills Singapore, said that the
high-end market has not recovered to the peak levels of 2007 and 2008 and homes are still generally trading at discounts of 10-15 per cent...........
some owners could just be 'weary' of holding on to their properties, especially as
tenants have become harder to find after an outflow of expatriates in 2009.
'If you were a tenant with a monthly budget of $9,000-12,000, there will be many vacant brand new properties to choose from ......
Looking ahead,
more owners could be keen to sell high-end units - even at losses - as oversupply concerns loom on the back of ample new inventory in the pipeline in the prime districts 9 and 10.
'The wave of construction that began in 2007 and 2008 means we are seeing significant completions of luxury properties from 2010 to 2012,'........
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