Sales of luxury homes in Singapore have remained low due to the economic crisis in the US and Europe, though buyers are slowly returning, according to a top executive of Heeton Holdings.
Danny Low, Chief Operating Officer of Heeton, said the low luxury home sales in the country can also be attributed to the increasing number of locations competing for high-end buyers.
Mr. Low was speaking during the soft launch of The Boutiq, a high-end residential project located on the former Mitre Hotel site.
Since the development was launched for sale, almost half of its buyers were foreigners, particularly Malaysians. Units at the project, which was jointly developed by KSH Holdings and TEE International, were priced at S$2,350 psf.
However, average prices of units at later phases will be much higher, as the 10 percent discount off the list price will be reduced, said Mr. Low.