Singapore Property News This Week #27

Residential

Sale prices at a new high for The Marq on Patterson Hill

The freehold project which consists of two 24-storey towers with a total of 66 units kept breaking record prices since May this year. In May, a 3,003-sq-ft, four-bedroom apartment in the Premier Tower in The Marq on Patterson Hill sold for a record price of $5,842 psf, this was broken in August with a new record of $6,394 psf, which was in turn broken by the $6,850 psf paid in the recent transaction. Despite the high prices, the luxury apartment market is slow compared to 2007. Singaporeans are more likely to purchase Good Class Bungalows (GCBs) which costs around the same. Foreigners who are not qualified to buy GCBs turn to luxury condominiums instead.  While foreigners are still interested in purchasing property in Singapore, the uncertain global economy results in a higher demand for value buys …