Singapore luxury housing deals have cooled in recent months, according to property sales and rental data. High end bungalow sales are on pace for their worst year in a decade, while prices of landed homes dropped 3.6% in the third quarter.
A luxury property in Singapore owned by the founder of collapsed oil firm Hin Leong Trading Pte. failed to reach its guide price at auction, in a fresh sign of cooling demand for high-end homes.
The so-called “good class bungalow” — considered the pinnacle of the city’s residential property — fetched just under $26.5 million, 12% below the $30 million guide price.
