The high-end, mid-tier and mass-market property segments are starting to take off as numerous new projects sell off quickly
Interest is beginning to shift from luxury residences towards the high-end, mid-tier and mass-market segments, where prices are beginning to climb. Anderson18 on Anderson Road was the top land price at S$1,650 (HK$8,523) per sqft per plot ratio for non-landed sites at the beginning of the year, lower than the Parisian's S$1,734. According to Colliers, after several record-breaking deals last year, this could be a sign that the luxury market has hit a plateau.
Despite this, the luxury end remains robust, while all other segments are welcoming numerous new projects, which are selling quickly.
At the luxury level, The Orchard Residences sold all 98 units up for grabs in the first two weeks of its invitation-only launch, and set a new segment benchmark of S$3,213 per sqft, with the upper floors fetching closer to S$4,000 per sqft.
Developers continued to test the level, with The Marq at Patterson Hill crossing the threshold by the half year.
The price started at S$3,800 per sqft which was raised to S$4,137 prior to the launch, and all 22 units put on the block were sold, with one nailing down a record S$5,100 per sqft.