07 Jan '12, 12pm

Demand for luxury homes still upbeat despite economic uncertainty: By Hetty Musfirah | Posted: 07 January 2012 2...

SINGAPORE: Demand for luxury private and public homes in Singapore is still upbeat despite a gloomy economic outlook. The first weekend of the new year saw crowds made up of mostly first-time buyers and families looking to upgrade flocking to several property launches. Market watchers say the recent cooling measures have also affected demand from foreigners. It is a busy first day of sales for Riversound Residence which is located off Sengkang East Drive. Its private condominiums cost between S$453,000 and S$1.8 million. By 2pm on Saturday, four penthouse units costing some S$1.5 million each were taken up - three by Singaporeans and the other by a foreigner. The developer said this trend is not surprising as the recent cooling measures requiring foreigners to pay an extra 10 per cent in stamp duty have dampened demand from foreigners. Despite a slowing economy, the overal...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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