Rich people are still buying posh properties amid poor home sales in April

    • The rich people are still buying their favorite properties despite the decline in sales of residential properties in April 2020 due to Circuit breaker measures in effect.
    • Five homes were sold for more than S$5 million each in April and the highest transaction was S$13.8 million for a unit at 15 Holland Hill.
    • Amongst these 5 expensive properties, 3 were purchased by Singaporeans while the rest 2 were bought by Indonesians.
    • These 5 transactions of more than S$5 million in April 2020 are actually very close to the past 2 years average of 6 units on a monthly basis. It has been 6 months since 3 units were sold at a price of more than S$10 million.
    • In the past 2 years, 24 units were bagged by the rich guys with 14 sold at a price of S$5 million to S$10 million while 10 units were sold at a price of more than S$10 million. The most expensive condo unit was sold in March 2019.
    • The sales went down by 58% as only 277 units were sold in April 2020 while 660 units were sold in March.
    • This is also the first time since September 2019 that the sale was below the number of launches. 640 units were launched in April 2020.
    • A total of 293 units were sold in April compared to 904 units sold in March. This sums to a decline in sales of 67.6%. The units sold include executive condominiums which are private-public hybrid.
    • Multiple luxury projects continued to sell out units even after circuit breaker measures were implemented. These include Boulevard 88, Midtown Bay, Van Holland, Kopar at Newton and Neu at Novena.
    • Kopar at Newland was the most in demand project as 4 units were sold in April with an attractive median price of S$2,241 per square foot.
    • Two luxury condominiums were sold for more than S$10 million each at Boulevard 88 at a psf price of S$3,711 and S$3,714 respectively. Two more units at Van Holland were sold at S$3.2 million and S$1 million each.
  • While the total number of transactions declined, luxury units’ sales increased in April. 36.8% units were sold in CCR in April as compared 6.8% units sold in March, a rise by 30%. Number of units sold were 102 as compared to 45 units sold in March 2020.

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