Capital values of luxury homes in Asia rose 5.5 % over the quarter to Q1, exceeding the 0.9 % gain seen in Q4 last year, said property consultancy CB Richard Ellis (CBRE) yesterday. While prices have climbed faster, much of the increase happened in Hong Kong. Luxury residential prices there jumped 14 % Qon Qas buyers shook off the impact of a special stamp duty introduced in November last year on properties resold within 24 months. Guangzhou's luxury home market was also buoyant, with prices rising 5.1% as developers launched several projects in prime locations at above-market prices. But in other regions such as Beijing, Shanghai and Singapore, activity was muted. In Singapore, property cooling measures announced in January worked their way through the market. Prices of luxury homes in the core central region inched up by 0.9% Q on Q while sales volume fell by 20.4 %. Rents were largely unchanged but CBRE noted that they showed signs of softening towards the end of the Qas expatriate leasing demand slowed. 'In the absence of similar government initiatives in 2011, we can expect minimal growth in both the inflow of foreign investors and home prices,' Mr Tan said. 'As such, the volume of luxury transactions in 2011 is likely to be around 150-200 units with prices averaging at $3,000 psf and $3,500 psf for resale and new projects respectively (equating to a 5 %-10 % increase).' Based on CBRE research, eight luxury projects with a total of 664 units have prerequisites for launch. Another eight projects with 789 units are in the pipeline.
- The Business Times, P29
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