While the debate continues as to whether the government should tweak some of the cooling measures, luxury apartment prices that were holding their own have finally started to soften. Luxury developers are now looking to bulk buyers as well as offering discounted prices and ABSD (Additional Buyer’s Stamp Duty) rebates to boost dwindling sales.
Although luxury purchases by foreigners have been steadily falling (the first half of 2013 saw 36 luxury units sold; the same period in 2014 just 14), there is optimism that this might improve with recent price-softening in this market segment. Times are tough for developers; their profit margins have approximately halved as take-up rates continue to fall island-wide and construction and financing costs increase.
Continuing downward pressure on rentals is assisted by a reduction in the influx of foreigners and more supply. There’s noticeably less demand for properties that rent at above $10k a month, as cost-conscious companies step away from corporate leasing – preferring to give their employees set packages with which to plan their own accommodation, schooling and car hire. Employees are therefore seeking to save costs by choosing less expensive accommodation. A note to tenants: it’s a great time to lock in a good deal.
In the next issue, look out for my tips to landlords and sellers on how best to move their properties in such a market.
For more on the best areas to live, see Expat Living’s neighbourhood round-up here, plus lots of specific area guides by expat residents here.
Check out Expat Realtor’s selection of hot properties below – with all the photos appearing in the gallery above. For more properties, head here, and for viewings, email email@example.com or call 6255 1027.
Soleil @ Sinaran: Pinnacle of Prestige
Size: 4,715 sq. ft
Be the owner of this prime luxury villa in the sky. Winner of the FIABCI Prix Excellence award in 2013, this penthouse embodies luxurious living, boasting loads of floor space on a single level. Top furnishings and a fabulous roof terrace for entertaining give you the best of both worlds: a 270-degree view of MacRitchie Reservoir Park’s greenery, and being just a short drive from Orchard Road, the CBD and Novena MRT station and shops. Check out the photos in the gallery above.
Suites@East Coast: Suite Life
Size: 1,292 sq. ft
Take advantage of great rental prices with this brand new, fully furnished two-bedroom show-flat penthouse in Siglap. Exquisitely decorated, its 450-square-foot private roof terrace makes it perfect for a couple or young professionals who enjoy entertaining. Just a short stroll away from the popular Upper East Coast Road shops, cafés, bars and restaurants, and close to East Coast Parkway and all it has to offer, this unit has much appeal. Check out the photos in the gallery above.
Peach Gardens: Sitting Peachy
Size: 3,318 sq. ft (built), 5,846 sq. ft (land)
This beautiful and well-presented house is located on the East Coast in the ever-popular prime area of Meyer Road. Spacious, and with a private garden, this family bungalow also has room for a pool. Boasting a large, open living and dining area which looks onto the garden, a spacious bright kitchen, renovated bathrooms, large bedrooms plus a helper’s room, it ticks all the boxes. It’s close to East Coast Parkway, Marine Parade and Katong 112 malls, and an abundance of restaurants, bars and coffee shops, as well as the ECP, MCE and KPE motorways. Check out the photos in the gallery above.
Nongsa Point Marina: Double Take
Location: Batam Island, Indonesia
From $140,000 for two bedrooms (POA)
Bedrooms: 2 to 4
Tenure: Membership lease
Two privately owned and occupied chalets for sale; they can be sold together or separately. Located in the tropical setting of Nongsa Point Marina in Batam (only a 35-minute ferry ride from Tanah Merah ferry terminal), each chalet has a spacious living room, a dining room, an open kitchen, two bedrooms with en-suite bathrooms, plus impressive views of the beach, Singapore and Malaysia.
Nongsa epitomises resort living and provides owners with a choice of marina berths; it’s a yachting gateway to the Riau Islands, and offers easy CIQ (customs, immigration and quarantine) clearance with offices located at the marina.
Facilities at the marina clubhouse include a tropical pool, a bar, restaurants and hotel concierge services. It’s a five-minute scenic walk from Turi Beach Resort and its additional facilities, including an infinity pool, restaurants, a spa and a beach sports club. The nine-hole Tamarind golf course is located within the resort, while the popular 18-hole Palm Spring golf course and Montego Bay are a ten-minute drive away.
Farnley Court, UK: Berkshire Beauty
Location: United Kingdom
Built area: 4,260 sq. ft
Type: Landed detached house
This is an excellent opportunity to purchase a substantial and impressive detached house in the commuter belt of London, just a few hundred yards’ walking distance from Gerrards Cross town centre and railway station. Enter into the world of the sweeping driveway, triple garage block, pillared entrances, ivy-covered arbours, private lawns, terraces, tall hedging and mature trees.
This fine home features a split-level design with generously proportioned accommodation, a large, central, full-height reception hall, and landings from which all rooms lead. The property has double-glazed windows throughout, with leaded light insets at the front. Check out the photos in the gallery above.
As the sellers reside in Singapore, they may be contacted directly.
Haven on the Sunshine Coast
This Queensland home is stunning and sustainable, and the ultimate family retreat set amongst beautiful private gardens overlooking the iconic Glass House Mountains. Located only ten minutes’ drive away are excellent private schools and Buderim village.
Amazing surf beaches are close by, and Brisbane is an easy one-hour commute from your door. For the healthiest of lifestyles, fine education and a glorious climate, this designer home could provide a wonderful holiday getaway or be your new home, with abundant space to combine work and pleasure.
Offers over A$2.45M will be considered. Check out the photos in the gallery above.