KOP Properties is optimistic on the prospects of the luxury residential market in Singapore, said Leny Suparman, chief executive of the company.
“We are quite positive about the outlook for next year,” she said.
While Singapore’s private home prices have risen since the end of the financial crisis, the increases have been seen mainly in the mid-tier and mass market segments, she added.
By contrast, prices in the high-end segment remain about 20 percent below the pre-crisis peak. While prices in this segment might not reach the same high again, there remains a gap that could be closed in 2011, said Ms. Suparman, who was speaking at the ‘topping out’ ceremony of KOP’s Cairnhill Road project, The Ritz-Carlton Residences, Singapore.
The 58-unit Ritz-Carlton Residences is nearly 40 percent sold, with units now selling for around $3,300 psf each, said Ms. Suparman.
Based on official data from the URA, 17 units in the project had been snapped up at end-November.
Ms. Suparman said sales will pick up as the project reaches completion, which is targeted for June 2011. “We are quite confident that sales will be brisk from now on and that the project will achieve the price that it deserves,” she said.