Luxury market stirring: CBRE

By Feily Sofian / CBRE | July 31, 2015 2:48 PM SGT
In 1H2015, sales volume of non-landed homes worth $5 million or above was 46% higher than in 1H2015, according to CBRE Research. Notable deals in 1H2015 include 20 units at Goodwood Residence sold between $4.4 million and $6.6 million and seven units at Tomlinson Heights sold between $7.6 million and $11 million.
Separately, 15 good class bungalows (GCBs) were sold in 1H2015, on par with 1H2014’s sales volume. About half or seven units involved smaller GCBs with land areas less than 15,070 sq ft. The smaller size translates to more affordable prices of between $7 million and $10 million, compared to larger GCBs which cost $20 million to $30 million, CBRE says.
In Sentosa Cove, two bungalows changed hands in 1H2015 at an average price of $2,011 psf. In comparison, only three bungalows were sold in the whole of 2014. The average price in 2014 was lower at $1,676 psf partly due to the properties’ attributes such as non-sea facing orientation and smaller land and built-up areas.
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