Singapore luxury property market quieter than previous years

High-end condominiums are sitting unsold after completion, as the luxury home market in Singapore remains quieter than in previous years, local media reported on Monday.

Twelve developments have been completed this year, each with more than 10 units still unsold as of last month, according to new data released by property consultancy CB Richard Ellis (CBRE), local daily The Straits Times reported.

Of these, 10 are in prime areas, with a total of 384 units unsold, CBRE said.

Another eight units are expected to complete soon, each with 10 unsold units.

In all, buyers are still needed for more than 1,000 posh homes in projects already completed or expected to be ready by early next year.

Most of these projects were first launched during the property boom of 2007.

Experts say that some developers have yet to launch their remaining units as prices are still below their previous peak.

They say that developers are still bidding their time, waiting for their luxury market to catch up with or even surpass historical highs.

Source: Xinhua