Serious What recession? Rich Singaporeans snap up overpriced homes like hot cakes

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The Urban Redevelopment Authority (URA) released earlier this month the flash estimate of its private property index for the third quarter of this year. Many were surprised by the estimate, which showed a 1.5 per cent price decrease, the steepest decline since 2012.

Perhaps as a consequence of the continued price falls, buyers have been entering the market, with 4,352 caveats lodged from July to September. Although this is not the final figure for the third quarter, it is already higher than the 4,159 units transacted in the corresponding period a year ago.

The positive buying sentiment appears to have spilled over to the final quarter of the year. The Alps Residences in Tampines and Forest Woods in Serangoon — launched within a week of each other — both recorded impressive sales. Buyers bought 280 units at The Alps Residences and 337 units at Forest Woods during their launches, translating into take-up rates of 45 per cent and 65 per cent, respectively.


http://www.todayonline.com/business/...housing-market


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