Luxury residential properties seem to be enjoying a bit of the respite from the sting which property cooling measures have brought to the sector. In prime district 10, Leedon Residence has moved 24 units within the last 6 weeks with a total net worth of $110 million. Developed by GuocoLand, the property received its temporary occupation period (TOP) in June. Their other district-1o property, Goodwood Residences also saw some sales, with only 12 units left unsold. Over at District 1, Marina Bay Suites moved 10 units in Q2 alone. Both Goodwood Residence and Marina Bay Suites were ready for occupation in June 2013.
Property analysts are according this rise in sales to how ultra-high-net-worth buyers are often more comfortable purchasing physically present products, and not off-plan. Current prices may have reached a stagnant as developers with properties still in construction may not be willing to provide hefty discounts in order to move units as yet, especially those with deeper pockets. They are likely to hold on to their existing units in view of long-term gains.
On Sentosa however, sales were a little slower, with more action in the nearby district 4. Corals at Keppel Bay sold 8 units and Caribbean at Keppel Bay moved 10 units in the second quarter. Considering they come with assets of being close to the Central Business District (CBD) and having a seafront view, the current selling prices of 4 to 5 per cent lower are probably worth every penny.