The outlook for Singapore's most exclusive properties is leaving property analysts and top agents at odds as market conditions and initial data points paint a conflicting picture.
Statistics collated by Singapore's Urban Redevelopment Authority and data from real estate services provider CBRE show high-end sales in the city-state have been modest for the first three months of the year, with just three Good Class Bungalow (GCB) transactions taking place, worth a combined 95.3 million Singapore dollars ($68.3 million).
"It's not really a surprise statistic," said Desmond Sim, head of research at CBRE Singapore and South East Asia. "Usually the first quarter is a little bit slow. It tends to run up a little bit more after the second quarter."
Good Class Bungalows are the most elite type of Singapore property and typically go to local magnates and ultra-high net worth Singaporean families. In fact, the government doesn't allow foreigners to own the properties.
This year's transaction figure is markedly down against the same quarter 2016, when nine GCB properties changed hands for a combined 208.7 million Singapore dollars ($149.6 million) in value.
"It might seem a little bit slow this year with only three. We remain relatively confident that the transactions will come in," said Sim.
The priciest transaction on available records occurred in February when Singapore's largest private property developer, Far East Organization, spent 43.8 million Singapore dollars ($31.4 million) to acquire a 39,000 square foot site at 16 King Albert Park.
February also saw 28 Jalan Kampong Chantek change hands for 27.59 million Singapore dollars ($19.8 million), and a local tycoon purchased a GCB along Garlick Avenue for 23.8 million Singapore dollars ($17.1 million).