Overbuilding in Singapore’s luxury homes sector spurred a flurry of doomsday scenarios, but prices may have already hit bottom, with buyers beginning to nibble.

The interest is primarily among ultra-high net worth clients for apartments over 3,000 square feet, penthouses and good quality bungalows, Chandran said.

Analysts believe luxury home prices are at their nadir, although the same might not be true of mass-market properties.