Private apartments up to the size of 506 sq ft, more popularly known as shoebox apartments, have been having a hard time finding new owners as prices of completed units fell 1.1 per cent. However, non-central region private apartment prices rose 0.3 per cent in February and central region units have fared surprisingly well.
The recent sale of a $15million St. Regis Residences penthouse may have given the owner in a $3.3 million profit margin and given last month’s figures a boost despite the low sales volume. Overall, private property prices rose 0.4 per cent last month, following a 0.2 per cent rise in January. The luxury property market has not been in the best of health last year, but things may be taking a turn for the better.
Though property analysts are conservative about their predictions of a market turnaround this year, it is nevertheless a glimmer of light. With rising home prices in London and Hong Kong, foreign buyers are taking a second look at properties here in Singapore for investment purposes. Approximately 92 per cent of the sales and subsales transactions registered in the core central region come from foreign buyers.