Prices in this segment have gradually become more competitive over the last year or so and sales volume has increased, partly due to this change. For example, in the first half of 2016 alone, 131 apartments priced above $5 million were sold. Only 166 similar units were sold in the entire 2015.
Investors are favoring Singapore properties they match up well against those in other global cities such as New York and London. Property analysts say most investors are still Singaporeans, though Malaysians, Indonesians and Chinese continue to feature strongly in the investor pool as they see the value of properties here and are not deterred by the currency fluctuations.
An upcoming luxury development is the 99-year leasehold Victoria Park Villas by CapitaLand which consists of 3 bungalows and 106 semi-detached houses starting from $4.3million. In better times, these houses could have cost up to $6 million. Other high-end units currently in the market include those at Gramercy Park, OUE Twin Peaks and Ardmore Three.