High-end condominium, anyone?

The ST today reported that many high-end condominium units are sitting unsold even after completion, as the luxury home market remains quieter than in previous years.

Twelve developments have been completed this year, each with more than 10 units still unsold as of last month, according to new data released by property consultancy CB Richard Ellis (CBRE). Of these, 10 are in prime areas.
ST (22-11-2010)
Source: URA & CBRE

Another 8 projects are expected to receive TOP soon, each with at least 10 unsold units, added CBRE.

Seven of these are also in prime locations: Districts 9, 10 and 11 - which cover Orchard, Holland, Newton and Bukit Timah - and the Sentosa and Tanjong Pagar areas.

In all, buyers are still needed for more than 1,000 posh homes in projects already completed or expected to be ready by early next year.

The wife and I wonder if the recent property market tightening measures announced in countries like Hong Kong and China will result in some of these unsold luxury homes finding foreign buyers soon...?

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