Analysts say buyers looking for good value slowly trickling back into market
By
Joyce Teo, Property Correspondent
One unit at the 55-unit The Ladyhill that cost no less than $6.5 million has just been sold. The price for the freehold apartment works out to $1,700 per sq ft - which was the average price of the first 20 units sold at the condo's 2000 launch. -- PHOTO: SCDA ARCHITECTS
Interest in the top end of the property market appears to be slowly picking up from near non-existent levels.
Several investors have trickled back to the resale property market, taking the chance to pick up posh apartments at prices mostly below $2,000 psf, or way below what was quoted last year.
One such unit at the 55-unit The Ladyhill that cost no less than $6.5 million has just been sold to a Korean investor.
The price for the freehold apartment works out to $1,700 per sq ft - which was the average price of the first 20 units sold at the condo's 2000 launch.
Prior to this deal, only two caveats had been lodged for the property in the past 12 months. Both were done at higher levels - one was for a bigger unit in July last year at $2,149 psf or $9 million, and the other was for a 3,283 sq ft unit for $2,193 psf or $7.2 million last November.
Consultancy Cushman & Wakefield, which brokered the latest deal, said the volume of top-end deals is not quite there yet but interest is certainly slowly picking up.
Buyers are looking for good value, said property experts.
Resale deals are slowly being done because some sellers are more willing to be flexible and there is limited supply in the market, they said.
Developers are still lying low where top-end launches are concerned, said Savills residential director Phylicia Ang.
Indeed, few developers of high-end developments want to sell at today's prices, said Cushman's managing director Donald Han.
