Asia & Pacific | Singapore
Singapore
The country’s residential market
is defined by demand generated
by overseas residents
The Singapore private residential property market saw
prices accelerate since the second half of 2006 and
then surge at an unprecedented double-digit pace in
2007, fuelled by robust economic growth and active
investments sales. This buoyant momentum, however,
failed to continue into 2008 as the fallout from the
credit crisis hits home.
The island-wide Property Price Index showed its
first decline in Q3/2008. The first nine months of 2008
saw a total of 9,453 sales transactions, representing
more than a 65 per cent decline compared with the
corresponding period a year ago, according to the
Urban Redevelopment Authority’s (URA) record. The
URA price index for non-landed residential property In the third quarter, more than 10,900 leasing Singapore is one of
showed a drop of 2.5 per cent from 181.3 in Q2/2008 transactions were recorded by URA. This represents
Asia’s most dynamic
economies, and
to 176.7 in Q3/2008. Although this is the first quarterly the strongest activity to date, surpassing the seven-year
demand is generated
drop since Q2/2004, the property price index is still 8.4 third-quarter average of 8,500 leasing transactions. by overseas residents
per cent higher on a year-on-year basis. Rents for high-end non-landed residential properties
The prices of high-end non-landed residential tracked by Savills fell for the second consecutive quarter
homes continue to slide for a third consecutive quarter. by 3.6 per cent quarter-on-quarter to S$5.62 per sq ft
In Q3/2008, the price for high-end and super luxury per month as more prime projects enter the market.
residential homes stood at S$2,065 per sq ft and S$3,240 Going forward, sales activity is likely to remain weak
per sq ft, representing a decline of 14.3 per cent and 12 due to the slowing global and local economics. However,
per cent respectively since the beginning of 2008. the fundamentals of private residential market in the
On the rental front, the market continues to be longer term should still remain relatively sound backed
active in terms of the number of leasing transactions. by the robust economic growth of the past few years. n
Property Focus
Two of the best
high-end residential
developments
in Singapore
Contact:
Andy Tan
+65 6836 6888 Computer generated image Computer generated image
atan@savills.com.sg
Sandy Island, Singapore Nassim Park Residences, Singapore
Contact: These exclusive villas with private berths designed by This new development features properties of varying
Savills International Italian architect Claudio Silvestrin feature private pools, sizes, feature a landscaped garden, yoga room and
+44 (0) 20 7016 3740 home theatres and wine cellars. furnishings by French designer Christian Liaigre.
abroad@savills.com Price: From SGD$14.5 million Price: From SGD$10.5 million
30 savills global residential review
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