A report by property advisors, DTZ has stated that the 3rd Quarter of 2014 saw 2,722 private home transactions such as Botanique at Bartley, as well as 22%, or 606 units, being purchased at prices that ranged over the $2 million mark. Compared to the past 6 years, this figure is the record highest in proportions.
For the entirety of 2012 and 2013 the median purchase proportion that was transacted was 16% in 2012, and 18% in 2013.
Private Property Transactions Falling
According to DTZ’s report on transacted private residential units’ price ranges, this quarter’s proportion increase is down to a higher figure of secondary market sales. In 2014’s 3rd Quarter there were 238 transactions of non-landed units in the secondary market for over $2 million in comparison to the primary market which saw 166 transactions taking place that were over $2 million per transaction.
The lack of sales in the luxurious real estate section may immediately end as lots of ultra-rich buyers now are starting to check the market place for mass buying of cheap high-end household units along with probability of long-term price appreciation. Botanique at Bartley may represent an opportunity for these buyers who are looking for a condo near the city fringe area.
More looking at Condos in Botanique at Bartley Bidadari
The report further states that secondary market units sold are more likely to be older units, which are usually much larger in their size. It is because of this that we are seeing a greater price portion on sold individual units for Botanique at Bartley. If we compare the secondary market in the 3rd Quarter to the primary market, we can see that around 64% of the secondary market non-landed units transacted were between 1,000 and 2,000 square feet in size, whereas the primary market had 68% non-landed units that were below 1,000 square feet in size.
Botanique at Bartley Singapore
If we look at the portion of condo purchases that have increased above the $2 million mark during July through September, we can see a correlation to the increasing number of prime and luxury sector mortgage sales.
DTZ further points out that, because property owners have been restrained by the more austere financing conditions and with the expectation of prices that will weaken further, we may witness more of this type of activity in the future residential market sector. Therefore, many buyers may be reluctant to take a look at Botanique at Bartley due to the restriction of loans by potential buyers.