More Concerns over Singapore Property

Overbuilding in Singapore’s luxury homes sector spurred a flurry of doomsday scenarios, but prices may have already hit bottom, with buyers beginning to nibble.

“We are seeing a number of our clients coming back very seriously this time around,” said Chandran V R, managing director at property agent CRE. “We are currently serving buyers in the market for luxury apartments. A lot of them are very ready to make a move because they feel buying has corrected and if they wait too long, the market can take off.”

He noted that over the past couple months, there have been several big property deals, including the 51 million Singapore dollars ($37.9 million) paid for the penthouse at the Le Nouvel Ardmore development, a potential record for a penthouse in the city-state.