Singapore's 'nouveau riche' drum up luxury home demand in first half of 2021

DEMAND for luxury and prime-area private housing picked up in the first half of this year, reflecting the gains from the nouveau riche in the finance, technology and pharmaceutical sectors, analysts said.

Based on current numbers, some analysts expect overall sales volume for 2021 to cross the 10,000-mark.

The Urban Redevelopment Authority (URA)'s monthly developer sales data released on Thursday indicated that 1,529 new private homes were sold in the Core Central Region (CCR) in the first half of this year.