The New York Times, 15 Jan 2009, International Herald Tribune
SINGAPORE — After two years of double-digit growth, prices for luxury properties in Singapore came crashing down last year and analysts are predicting another sharp drop in the year to come.
In a recent report by the real estate agency CB Richard Ellis estimated that 55 percent of the 2,200 luxury units built in the city-state between 2006 and 2008 remained unsold as of November while, in another review, the Swiss bank UBS pointed out that units in two high-profile developments, Ardmore II and Scotts Square, recently sold at 20 percent less than their launching prices.
Also, there has been talk of the first default on a house in the upscale waterfront development of Sentosa Cove, which, if true, would underscore the financial pressures facing even wealthy investors.
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