The market for luxury homes may be languishing in the doldrums recently but at least one enclave has been holding its own.
The cluster of private homes near St Thomas Walk, off the Orchard Road shopping belt, has notched up decent price gains, property consultants said.
The median price of new uncompleted homes in the area was $2,353 per sq ft (psf) as of the third quarter of the year.
That is a 25 per cent gain from that in the same quarter in 2009.
This translates to hefty prices for new projects. For instance, the upcoming 462-unit Twin Peaks was sold for a median price of $2,703 psf last month.
Price gains in the secondary market were even more substantial, with resale prices surging 46 per cent in about three years, narrowing the price gap between those and new homes.