A new statistic shows that the transaction volume of non-landed luxury properties increased significantly in the third quarter, as large luxury homes are more popular among the rich.
According to a quarterly report released by Huttons on Tuesday (Oct. 18), the number of off-site luxury residential transactions reached 110 units in the third quarter, the same as the second quarter, but because more large and higher-priced units were sold, the volume of off-site luxury residential transactions rose 15.5 percent to $1 billion in the third quarter from a year earlier.
The top three priced multi-million dollar luxury homes all came from "Les Maisons Nassim" on Nassim Road. One of the penthouse units was sold for $68 million, topping the list. The other two units sold for $46 million and $36 million.
In terms of sales, the top three projects were Cape Royale in Sentosa Cove, The Avenir in the Ribali area and Nouvel 18 in the Orchard area. Foreign buyers of luxury properties are mainly from China, the United States and Malaysia.
The report counted luxury non-landed residences of 2,000 square feet and above with a transaction price of at least $5 million, and ultra-luxury non-landed residences of 3,000 square feet and above with a transaction price of at least $10 million, located in the core central district.
Looking ahead to the fourth quarter, the report said foreign high-net-worth buyers will continue to purchase our luxury homes as a risk hedge, while the appreciation of the U.S. dollar has somewhat reduced the cost of home ownership.
The report also showed that 12 more Good Class Bungalows were sold in the third quarter for $379.8 million, up 30.5 percent from the previous quarter.
The highest priced Good Class Bungalow was located at 80 Belmont Park and sold for $55.5 million. The buyer was the president of Auric Pacific Group (Auric Pacific Group).
The second highest priced premium townhouse at 19 Cluny Hill, purchased by Haidilao co-founder Shi Yonghong for $50 million. Fu Wei, president of CBC Group, a healthcare investment company, purchased 32 White House Park (32 White House Park) for $3,017 per square foot, setting a record for the highest price per square foot for a premium house.
The report points out that compared to last year, global economic uncertainties and the sell-off in the capital market have led to a decrease in the number of quality houses sold. As of the first three quarters, a total of 40 premium townhouses were sold, down 51.2% year-over-year. Total transaction volume was $1.1 billion, down 62.1% year-over-year.
As for the outlook for the next quarter, the report said that despite the already high prices of premium townhomes, market demand remains solid and the number of transactions for the year is expected to range from 45 to 55, down from 97 last year.
Urban Redevelopment Authority estimates show that developers sold a total of 987 new private residential units in September, up more than 125 percent from 438 units in August.
