Luxury property market still hot in Singapore
January 13, 2011 - Singapore
The site is believed to be the same that was sold in June 2010 for S$59.4 million (US$46 million), suggesting that perhaps the first buyer could not hold on to the property as the S$2 million (US$1.55 million) difference would only enable him or her to recover the stamp duty and other expense, the Today newspaper reported.
In 2010, more than S$2 billion (US$1.55 billion) worth of property was sold in District 10 - which roughly covers the area from Grange Road to Sixth Avenue.
More than 30 of the nearly 300 transactions in the district involved properties costing at least S$20 million (US$15.5 million), including a house in Ewart Park that went for nearly S$40 million (US$31 million) or just over S$1,000 psf (US$775), one in Belmont Road that cost the buyer a cool S$35.7 million (US$27.7 million) or S$1,220 (US$946) psf, and a Brizay Park home that was relatively cheap at S$941 (US$729) psf.
The costliest in per-square-footage terms was a 24,183 sq ft Nassim Road property that was sold for S$43.53 million (US$33.7 million) in August. In fact, few properties in District 10 cost less than S$1,000 psf (US$775).
"These are crazy prices," said property consultant Colin Tan of Chesterton Suntec International. "Sometimes I wonder where these people get the money to pay such prices. Many appear to be investors more than stayers as they seem to be investing in land rather than buying rooms."
However, the costliest landed properties in Singapore are to be found on Sentosa Island where sites are said to have changed hands for more than S$2,400 psf (US$1,860).
A bungalow at Paradise island reportedly changed hands in June for S$36 million (US$27.9 million). And unlike most other landed property sites in the country which are freehold, those on Sentosa are on 99-year leases and foreigners face no restriction in buying.
Source: Property Report
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