Ultra-rich buyers scouting for cheap luxury units as sellers’ fatigue sets in

Sellers are now more than willing to negotiate.

The prolonged sales dearth in the luxury property segment may soon come to an end. According to Colliers, a number of ultra-rich buyers are now beginning to scout for bulk purchases of under-priced luxury residential units with potential for long-term capital appreciation.

Colliers states that sellers are now more realistic and willing to negotiate, as they are beginning to tire of the prolonged down-cycle in luxury property sales.

High-end homes have been hardest hit by the government’s property cooling measures, with luxury home prices slipping for six straight quarters. Prices dropped 0.9% quarter-on-quarter in Q3, following a 1.5% decline in Q2.

In the first half of 2014, only one condo was sold in the ultra-posh Sentosa Cove, further illustrating the sales dearth in the luxury property segment.