Affirming affordability of homes, resilience of Reits

SINGAPORE is a global city that attracts the wealthy. Some private homes here can cost millions. An old house on a freehold site of 25,680 square feet along Wilkinson Road in District 15 is being sold for S$55.5 million. 

Perhaps demand for luxury condominiums here will pick up, with greater participation by Chinese buyers on the back of China relaxing travel restrictions. Despite a dip in luxury property transactions over Q4 2022, real estate agency Huttons sees there could be more high-profile deals in the luxury market here this year with the return of super-wealthy Chinese buyers.

If developers are bullish on the luxury segment, they may want to buy Orchard Bel Air, which has been relaunched for collective sale. The guide price for this residential development, which is located next to the newly-opened Orchard Boulevard MRT station and sits on a site with over 56 years of land lease outstanding, is S$587.5 million.