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Thread: S'pore luxury home prices lag major cities: Savills

  1. #1
    ryan
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    Default S'pore luxury home prices lag major cities: Savills

    S'pore luxury home prices lag major cities: Savills

    By Daryl Loo, Channel NewsAsia | Posted: 16 May 2007 1752 hrs


    SINGAPORE: Market watchers continue to be bullish about the residential property market in Singapore, particularly the high end luxury sector.

    Despite the recent jump, property consultancy Savills say prices here continue to lag those in major cities like London and Hong Kong.

    Savills is expecting luxury home prices to climb by another 30 per cent this year, and it says that growth will be sustained over the next three years.

    Luxury homes in prime districts such as Orchard and Marina Bay rose by 25 per cent last year, and were up another 5.5 per cent in the first three months of 2007.

    But according to Savills, they are still cheap when compared to other big global cities.

    "If you look at other major international cities such as London or New York, even Monaco or Hong Kong, Singapore looks relatively undervalued.

    "The reason is that so many luxury markets in so many of the other world cities have grown very dramatically over the last few years. In fact, luxury residential markets have tended to outperform the mass and medium markets in those cities, so the gap has really widened quite dramatically," says Simon Smith, Head of Research and Consultancy, Savills.

    Over in Hong Kong, luxury home prices are going at an average of S$3,100 per square foot, while Tokyo prices are at S$3,400 dollars.

    This, compared with average prices of about S$1,800 per square foot in Singapore.

    Savills is forecasting prices in Singapore to continue pushing higher over the next couple of years.

    Says Smith, "Singapore has a very strong story within Asia - the growth of its business district for example; this increasing shift towards higher-end financial services, as well as the integrated resort story from 2010.

    "So it's all very positive news coming into this market, and that's supported by the fundamentals. Itís very easy to see another two to three years of strong price developments. Beyond that who knows?"

    Overall, private home prices posted a 10 per cent growth last year, boosted by the luxury market. - CNA/yy

  2. #2
    Unregistered
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    Default Re: S'pore luxury home prices lag major cities: Savills

    All these are brainwashing crap lah.
    Our average pay cannot compare to any of these countries, why never commend on this?

  3. #3
    Q&A
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    Default Re: S'pore luxury home prices lag major cities: Savills

    Quote Originally Posted by Unregistered
    All these are brainwashing crap lah.
    Our average pay cannot compare to any of these countries, why never commend on this?

    Questions for everyone:
    1. What is our average pay?
    2. Since 15% of population stay in condo, what is the 85percentile pay?

    3. What is HongKong average pay?
    4. What is HongKong 85percentile pay?

  4. #4
    Registered
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    Default Re: S'pore luxury home prices lag major cities: Savills

    Quote Originally Posted by Q&A
    Questions for everyone:
    1. What is our average pay?
    2. Since 15% of population stay in condo, what is the 85percentile pay?

    3. What is HongKong average pay?
    4. What is HongKong 85percentile pay?

    Dunno man!
    1. Average maybe S$3,500.
    2. 85percentile maybe S$10,000.

    3. ???
    4. ???

    I could be wrong!

  5. #5
    Unregistered
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    Default Re: S'pore luxury home prices lag major cities: Savills

    average pay for Singaporeans is definatley much lower than any of those countries.
    Top 15% earners in any of those countries beat us flat down.
    But did they mention this? No of course not.
    Only bring one side of the story up.

  6. #6
    Registered
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    Default Re: S'pore luxury home prices lag major cities: Savills

    Quote Originally Posted by Unregistered
    average pay for Singaporeans is definatley much lower than any of those countries.
    Top 15% earners in any of those countries beat us flat down.
    But did they mention this? No of course not.
    Only bring one side of the story up.

    Please lah! Don't throw branklet statement.
    Average pay of HongKong is lower than Singapore lah.

  7. #7
    Newbie hayata1972's Avatar
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    Cool Re: S'pore luxury home prices lag major cities: Savills

    Good day, i hope this is not a damper to you guys, but i must set something straight. Top 15% of hongkong residents are much more richer than top 15% of Singaporeans. We are not considering the foreigners, because foreigners come and go they are not fixtures of our societies.
    Top 15% in taiwan is also richer than us.
    In fact the number of USD millionaires in taiwan per percentage is way higher than singapore incl our foreigners. And those are taiwanese residents.
    Sorry fact is that our big portion of millionaires are not pure Singaporeans. True Singaporeans that are millionaires are not very much in percentage. Maybe lately there are more due to the en-blocs going on. But if they put their money back in some expensive property, i guess they are only millionaire asset rich only.
    1/3 of millionaires in Singapore citizens or PR are indonesians, then how about the other Singapore citizens or PR that are from other countries?
    Hope i am not threading on race issues, i am just stating fact.
    Thank you.

  8. #8
    Registered
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    Default Re: S'pore luxury home prices lag major cities: Savills

    Why bother so much?

    Singaporeans have highest disposable income so all go buy properties. So property market will chase up up up with the rest. Just sit down, relax and watch the market move lah.

  9. #9
    Unregistered
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    Default Re: S'pore luxury home prices lag major cities: Savills

    What race issues? Don't you know Hongkongers, Taiwanese, Indonesian millionaires in Singapore are all CHINESE?

    What is a pure Singaporean anyway. Orang Laut?


    Quote Originally Posted by hayata1972
    Good day, i hope this is not a damper to you guys, but i must set something straight. Top 15% of hongkong residents are much more richer than top 15% of Singaporeans. We are not considering the foreigners, because foreigners come and go they are not fixtures of our societies.
    Top 15% in taiwan is also richer than us.
    In fact the number of USD millionaires in taiwan per percentage is way higher than singapore incl our foreigners. And those are taiwanese residents.
    Sorry fact is that our big portion of millionaires are not pure Singaporeans. True Singaporeans that are millionaires are not very much in percentage. Maybe lately there are more due to the en-blocs going on. But if they put their money back in some expensive property, i guess they are only millionaire asset rich only.
    1/3 of millionaires in Singapore citizens or PR are indonesians, then how about the other Singapore citizens or PR that are from other countries?
    Hope i am not threading on race issues, i am just stating fact.
    Thank you.

  10. #10
    beavis
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    Default Re: S'pore luxury home prices lag major cities: Savills

    Why do you compare Top 15% resident's Income to Those countries like Hong kong and London ?
    You know that Many Buyers are from Indonesia and Malaysia. Just Compare to them. I guess Singapore is still on top of the leaque in Average Salary compare to neighbouring country, yet buyers are still from our neighbour.

    And also MOST European invenstors are actually Singapore PR who reside and work in Singapore. Where are their salaries come from ?

    The Businesstimes has just reported that many Expats and PRs opted to buy instead of renting properties now.

    Report also says, for most Luxury project launched in Singapore, around 50% buyers are actually Singaporean.

    For Mid-end Project more than 70% are Singaporean.

    Please Don't be surprise.... You know those people selling Chow kwe tiaw and Hokkien Mee .... THEY ARE RICH.
    Last edited by beavis; 18-05-07 at 12:00.

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