High-End, Super Luxury Home Prices Slip In Q3: Savills

Source : The Business Times, November 20, 2008

Prices of high-end non-landed private homes continued to slide for a third consecutive quarter.

In Q3 2008, the average price for high-end and super luxury residential homes stood at $2,065 per square foot and $3,240 psf respectively, reflecting declines of 14.3 per cent and 12.0 per cent respectively since the beginning of this year, according to a report by Savills Singapore.

Island-wide, the latest official private residential price index from the Urban Redevelopment Authority showed its first sign of weakness, with a drop of 2.4 per cent after seventeen quarters of positive growth.

Compared with the previous quarter, islandwide landed home private prices slipped 1.9 per cent quarter-on-quarter.

Non-landed home prices in Core Central Region, Rest of Central Region and Outside Central Region declined 2.7 per cent, 2.4 per cent and 1.5 per cent respectively.

'In the wake of weakening sentiment, further downward pressure on prices across the board is expected for the next three quarters,' Savills said.

The property consultancy also said that rents for high-end non-landed private homes that it tracks fell for the second consecutive quarter, slipping 3.6 per cent quarter-on-quarter to $5.62 psf per month in Q3, as more prime projects entered the market after receiving Temporary Occupation Permit.