Demand for ultra-luxury homes spikes in 2Q12

Guess which 3 posh homes priced above $3000 psf revived the ailing luxury market.

According to Savills Consultancy & Research, post-ABSD, sales plunged to a threeyear low of 453 non-landed units in Q1/2012. However, sales activity almost doubled to 914 units in the following quarter. A spike in sales was observed across all market segments, with new sales rising 246% quarter-onquarter (QoQ) to 235 units in Q2/2012, sub-sales rising 34% QoQ to 94 units and resales increasing 86% QoQ to 585 units.

In fact, the proportion of resale homes in the prime district rose from 39% in 2010 to 50% in 2011 and
66% in 1H/2012.

Demand for ultra-luxury homes priced above S$3,000 per sq ft also rose from 11 units in Q3/2011 to 31
units in Q2/2012.

Among them, two transactions were recorded at Scotts Square – one sold for S$4,566 per sq ft in May and another for $4,803 per sq ft in June 2012.

A 1,808-sq ft unit on the 52nd storey of The Orchard Residence swas sold for S$4,399 per sq ft, while
two units at Boulevard Vue were sold for S$4,326 per sq ft and S$3,934 per sq ft.

A newly launched project, Twentyone Angullia Park, also garnered keen market interest with fi ve sales
completed over the last three months at prices hovering between S$3,950 and S$4,338 per sq ft.

According to Savills, while these transactions do not mark new highs, they indicate that there is still a
reasonable level of demand for luxury homes given the present cautionary mood.

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