1,200 luxury flats unsold

Jan 8, 2009 at 9:17 AM

A STOCKPILE of up to 1,200 luxury homes in prime districts remains unsold, adding to a growing supply overhang that is likely to drag prices lower this year.

That grim assessment of the very top end of Singapore's property market has been made by leading property consultancy CB Richard Ellis (CBRE).

However, it has also concluded that despite the challenging market conditions, some developers may be able to hold on to projects until the market recovers.

Developers who are laden with unsold units in projects that were already launched would prefer to focus on clearing them rather than launch new projects,' it said.

'This would inevitably lead to price cuts,' the consultancy added.

CBRE is projecting a decline this year of about 10per cent in the prices of good-class bungalows (GCBs) - the most prestigious bungalow type here - and 10 to 15per cent price falls for luxury apartments.

Source: (c) Straits Times 8 jan 09

1,200 luxury flats unsold

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