Chasing Premium Properties in Singapore
An analytical view of the current Singapore market for luxury properties and how it's defying the pandemic.
The post Chasing Premium Properties in Singapore appeared first on LUXUO.
More wealthy people are pursuing the apex of residential luxury ? the resale market for penthouses in Singapore.
Roof-top pavilion, Midtown Modern, Singapore. Image: Guocoland Singapore
To think that a pandemic could be a serious threat to Singapore’s residential market ? think shuttered show flats, loss of jobs, and the curtailment of discretionary consumption, it bucked the logic. In fact, prices of non-landed private residential properties (excluding Executive Condominiums) grew by 2.1per cent q-o-q (quarter-on-quarter) Q1 2021, the fourth quarter of increase from Q2 2020. Based on Knight Frank?s Wealth Report 2021, the pandemic-led recession did not put a damper on super-rich spending. In fact, the number of Ultra-High-Net-Worth-Individuals (UHNWIs ? individuals with a US$30 million net worth inclusive of their primary residence) grew in 2020, increasing by 10.2 per cent from 2019.
Buoyed by Singapore?s attractiveness among family offices, it was observed that both foreign and local homebuyers were looking to penthouses or units with more than 3,000 square feet. Fuelling this spending spree was the limited availability of newly launched penthouses, therefore, these plush resale abodes were largely sought after by UHNWIs who had a penchant for high-quality living spaces.
READ MORE: Read...
The post Chasing Premium Properties in Singapore appeared first on LUXUO.
More wealthy people are pursuing the apex of residential luxury ? the resale market for penthouses in Singapore.
Roof-top pavilion, Midtown Modern, Singapore. Image: Guocoland Singapore
To think that a pandemic could be a serious threat to Singapore’s residential market ? think shuttered show flats, loss of jobs, and the curtailment of discretionary consumption, it bucked the logic. In fact, prices of non-landed private residential properties (excluding Executive Condominiums) grew by 2.1per cent q-o-q (quarter-on-quarter) Q1 2021, the fourth quarter of increase from Q2 2020. Based on Knight Frank?s Wealth Report 2021, the pandemic-led recession did not put a damper on super-rich spending. In fact, the number of Ultra-High-Net-Worth-Individuals (UHNWIs ? individuals with a US$30 million net worth inclusive of their primary residence) grew in 2020, increasing by 10.2 per cent from 2019.
Buoyed by Singapore?s attractiveness among family offices, it was observed that both foreign and local homebuyers were looking to penthouses or units with more than 3,000 square feet. Fuelling this spending spree was the limited availability of newly launched penthouses, therefore, these plush resale abodes were largely sought after by UHNWIs who had a penchant for high-quality living spaces.
READ MORE: Read...
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