Battered luxury residential market finally shows signs of life in H1

Buying interest ticked up at long last.

Singapore's policy-battered luxury residential market finally showed some stirrings of life in the first half, according to a report by CBRE.

Sales of luxury apartments priced above $5m surged by 45.7% compared to the second half of 2014, as developers stepped up efforts to market units.

Meanwhile, a total of 15 good class bungalows (GCBs) were sold in the first six months of the year at an average price of $1,442 psf. This is marginally higher than the $1,428 psf recorded in 2014.

Over in Sentosa, caveats were lodged for two bungalows in the first half, after having seen only three such transactions in the whole of 2014.

"Going forward, luxury prices are likely to moderate slightly as they approach an equilibrium," CBRE said.