Media reports and official data paint a mixed picture of Singapore’s real estate market, suggesting that while some luxury properties can still set records, prices are also cooling in some areas.

Media reports and official data paint a mixed picture of Singapore’s real estate market, suggesting that while some luxury properties can still set records, prices are cooling in many respects.

An article in the Straits Times (of Singapore), for example, noted that a pair of luxury condominium units at Sen tosa Cove were sold at record prices last week. It said that Spanish tycoon Ricardo Portabella Peralta, chief executive of Luxembourg-based investment holding firm Ventos, had bought two units at SC Global's Seven Palms Sentosa Cove project, at $4,131 per square foot. On the other hand, the report said sales in the District 4 area of the city showed that 210 homes were sold versus 480 transactions in 2013, suggesting a slowdown in the market.

According to the Singapore Real Estate Exchange, meanwhile, resale prices for Housing Development Board accommodation fell 0.8 per cent in November from the previous month, the lowest since August 2011, or 9.8 per cent below the April 2013 peak.

Singapore’s government and monetary authorities have sought to curb what have been red-hot prices for different forms of property, mindful that high leverage could leave lenders and the wider financial system vulnerable to any sharp economic slowdown.