Residential

Transaction volumes down for apartments worth $10m and more

Only 33 luxury condos and apartments worth $10 million and above were sold in the first 10 months of 2012, compared to 57 units in the same period a year ago. The 33 units are worth a total of $449.6 million, 44% down from the $797.5 million in the same period last year. This is likely due to the introduction of the ABSD in December last year. The ABSD is likely the cause for the fall in the proportion of foreign buyers of properties worth $5 million or more from 38.8% in 2011 to 26.6% in the first 10 months of 2012. The proportion of companies’ share also fell from 15.8% to 4.3% in the same period. The proportion of Singaporean buyers and PR buyers, however, increased from 23% and 22.3% to 36....