Yet the launch of the development comes amid clear signs that the super rich are feeling the pinch as the global economy suffers.
According to Savills, the property consultants, the onset of the eurozone crisis has helped push prices of luxury homes in Singapore down by 10 to 30 percent recently.
Figures released recently showing that Singapore’s manufacturing sector recorded its slowest year-on-year growth underscore the city-state’s vulnerability to the global downturn.
Luxury property sales also have been hit by the imposition eight months ago of a 10 percent stamp duty. Overseas buyers, many from mainland China, made up nearly 43 percent of all luxury home sales last year.
Orchard Road has some of the most expensive property in Singapore, with 4,000 luxury condominiums completed over the past year, according to Savills, the property management group. Yet 16 percent of these are still unsold. Some developers have handed out perks such as rental guarantees and furniture vouchers to attract buyers.
Colin Syn, vice chairman of the Singapore Grand Prix and who owns Ferrari dealerships in Singapore, said sales this year are “a little bit down.”
“I think it’s the economy. People are more cautious now,” he said.Page 2 of 3 | Prev Page | Next Page