Sales of luxury houses continued to do well at the end of 2009, according to updates from two developers.
Malaysia-based YTL Corporation sold six villas for its Kasara project located at Sentosa Cove, with prices ranging from $14 million to $22 million. The selling price was around $1,600 per square feet (psf).
CapitaLand also sold 60 apartments in its 165-unit Urban Suites condominium in the Cairnhill area. Prices worked out to around $2,400 to $2,700 psf.
YTL sold the six villas during its’ private previews from November to December and will officially launch the seven remaining villas on Friday.
CapitaLand, on the other hand, started its’ preview sales for phase one of Urban Suites, located on the former Char Yong Gardens site in Hullet Road, just before Christmas. Sixty units were released and sold to buyers who were prepared to purchase more than one unit.
CapitaLand, which is also developing a joint-venture project with Wachovia Development Corporation, plans to open phase two of Urban Suites next week, with about 50 units in all.
Both YTL and CapitaLand said the high sales indicate that the luxury market is catching up.
“The successful launch of Urban Suites is (a) testament to buyers’ confidence in the fundamentals of the Singapore economy and the growth potential of the high-end property segment,” said Patricia Chia, CapitaLand’s Chief Executive for Residential Arm.
YTL Singapore Director, Kemmy Tan, also said: “The mass market segment was the key driver last year, so the luxury segment still has room to move up. We are very positive on the outlook for 2010.”
At the Kasara project, selling prices of units will be slightly increased during its official opening. The 9,000-14,000 sq ft villas will now be sold at about $1,700 psf.
YTL said the first six units sold were purchased by Singaporeans and foreigners from Europe and the Asia-Pacific region. Over at Urban Suites, two-thirds of its buyers are Chinese, Australian, and Canadian nationals. Most of these buyers purchased two units, said CapitaLand.
CapitaLand gave a one percent discount to any buyers who purchased more than one unit. They have a choice of two, three and four-room apartments as well as duplex and triplex penthouses. Each unit ranges from 1,044 to 4,715 sq ft.
Several analysts expect that CapitaLand will raise prices for the subsequent phases.
DBS Group Research Analyst Adrian Chua said yesterday that prices achieved for the 60 units transacted exceeded his $2,400 psf expectation. “We continue to advocate going for the high-end property developers,” he said.