Downtown home prices take a big hit

As the luxury residential segment flounders, properties in the downtown area have taken an especially big hit, the Straits Times reported.

More loss-making transactions have occurred in this area so far this year, compared with last year. Fewer profit-making transactions have taken place.

Resale prices in the area have also fallen faster than those in the traditional prime districts, reflecting its status as a less established high-end residential area.