Just sold at record high!
March 6, 2024
Another headline about a property just sold at record high. These days we all desperately want to hear some good news. There is enough bad news around on company layoffs and new condo projects that can’t sell.
Luxury projects just sold at record high!
The following are common property headlines in local media:
“xxxxxxx sold for record price of S$xx million”
“xxxxxxx records new high of S$x,xxx psf at S$xx million”
“New psf-price high of S$x,xxx psf set at xxxxxxx”
“S$xx million sale of xxxxxxx sets record transaction price of S$x,xxx psf”
Wow, did we miss something? Let’s quickly go in and buy one as well.
(Fortunately, the media won’t report any record low transaction price in a resale project. Otherwise, I wouldn’t be able to stay low last time after each property purchase.)
If we observe carefully, we can even spot a pattern. Many are not-so-new projects launched some time back. Often, they are high-end luxury homes in the Core Central Region where selling of new projects has been increasingly difficult these few years.
But somehow, out of nowhere a buyer paid for a unit at record high psf price. We wonder why the rich buyer didn’t go for a newer project. Also, we pray that the following month there won’t be any returned unit to the developer in this not-so-new project.... read more