by OrangeTee & Tie Pte Ltd.

Luxury homes untouched by latest property cooling measures for now


While the latest property cooling measures are said to have slowed down market activity, demand for luxury homes continue to remain stable as local first-time home buyers and others not affected by Additional Buyer's Stamp Duty (ABSD) continue to make purchases. 

Data extracted by real estate agency OrangeTee & Tie from the Urban Redevelopment Authority's Realis shows that 5 non-landed homes priced S$10 million and above were sold in the Core Central Region (CCR) in the 2 weeks after the December 2021 cooling measures. This is up from 3 units transacted between Dec 1 and Dec 15, 2021, before the cooling measures. Another 2 homes priced over S$10 million were sold between Jan 1 and Jan 9, 2022.

OrangeTee's senior vice-president of research & analytics Christine Sun reckons that some ultra-high net worth individuals may not be deterred by the cooling measures as they view Singapore as a favourable destination.

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