Eight bungalows were managed at Sentosa Cove throughout the initial half of the year from 4 in 2H year 2016 and nothing in the similar period in previous year. The total sales for the most current period mounted at S$116.65 million otherwise of S$1,541 psf based on the land area, descending from S$1,881 psf in the previous year’s second half.
A total number of 22 good class bungalows (GCB) together cost S$463.91 million altered hands in 1H year 2017, up from 14 good class bungalows with a joint cost of S$298.36 million in very similar period in a previous year, as stated by a report from the CBRE.
“The biggest contract was that of a Queen Astrid Park bungalow, that comes up for S$1,548 psf or S$46 million to a local capitalist,” stated the property consultancy.
Nevertheless, the latest records were lesser than the 23 good class bungalows sold for S$490.17 million in 2H year 2016, whereas regular prices fell by 6.9% to S$1,242 psf based on the land area on a 6-month basis.
Looking forward, CBRE assumes sales of bungalows in the high-class enclave to strike 15 to 20 units for the entire period of 2017, with prices possible to stay at around current figures. In general, 35 to 40 GCBs are probable to alter hands this year from 37 in year 2016, whereas prices are projected to be unmoved or post a bordering correction.
For the meantime, sales of leisure apartments in Core Central Region (CCR) of Singapore cost S$5 million and beyond raised by 38 units in 1H 2017 regardless of the absence of current launches in the site for the said period. As a matter of fact, 170 caveats were proposed for such dealings in the initial half as opposed to 132 in 1H 2016.
Even though average prices have increased to S$2,446 psf in the initial half of year 2017 from S$2,396 psf 6 months ago, this is underneath the S$2,519 psf noted in 1H 2016.
“The 2.9% year-on-year drop in normal price was possible because of the fact that the chart-topping luxury project all through the period was the Leedon Residence, which successfully sold 44 units at an regular price of S$1,993 psf. In difference, in H1 2016, the best-selling luxury development was Ardmore Three with total of 35 such caveats wedged at an regular price of S$3,217 psf”.
Regardless of the yearly dip in prices, the property consultancy contemplates that complete luxury prices would stay moderately stable for the rest of the year 2017, whereas transaction volume is expected to “progressively rise” from year 2016, among the strong holding control of developers given the limited new stock of fashionable homes in Singapore.