Analysts don't expect supply glut as developers likely to defer construction of housing projects WHEN long queues outside showflats disappeared overnight during the 1997 Asian financial crisis, the poor demand combined with a supply glut to exacerbate the slump in Singapore's property market. A decade on, the supply side of the equation may be less dire, say pundits. In an analysis of the "supply...
Market Reports
Property consultancy firm DTZ Research said it will take 5.5 years to clear the inventory of unsold private residential units in Singapore as at the end of 2008. There are now 44,661 unsold private residential units. DTZ said based on a 10-year average take-up rate of 8,000 units, selling them all will take more than five years. In its latest report, DTZ said last year's unsold inventory was much lower...
As companies around the world retrench staff and downsize during the current downturn, many are turning to alternatives like virtual and serviced offices. Within Asia, companies in Singapore are leading the way in this trend. Their take-up rate for such services has grown by up to 20 per cent in the last quarter compared to the same period in 2007. For example, one chiropractor has opted for a temporary...
BUYERS of new private homes don't have to worry about not being able to move in on time even as some developers take advantage of incentives announced in Thursday's Budget that allow them to extend the completion period of their projects. To help developers improve their cash flow and give them more flexibility to plan their projects, the Ministry of National Development will allow developers of...
The economic downturn is hitting home, with private residential prices recording their steepest drop in a decade. Private home prices fell by 6.1 per cent in the fourth quarter of 2008, worse than an early estimate of a 5.7 per cent drop. The quarter-on-quarter decline in the October to December period follows a 2.4 per cent drop in the third quarter ended September. Strong demand pushed up private home...
The value of property investment sales in Singapore hit a record low in the fourth quarter of 2008. In its latest report, real estate consultancy Colliers International said total investment sales in the three months to December fell by 93 per cent on-year to nearly S$577 million. This is the lowest since the property market picked up four years ago. It also represents a drop of 68.8 per cent from the...
THE grey clouds hovering over the private property market here have gotten even darker. Islandwide launches of new private homes last month slumped to a record low since the Urban Redevelopment Authority (URA) started releasing the monthly data in June 2007. Developers placed just 157 units for sale last month, down nearly60 per cent from November. And out of these, they managed to sell 131...
Islandwide launches of new private homes in December 2008 slumped to a record low since the Urban Redevelopment Authority (URA) started releasing the monthly figures in June 2007. Developers placed just 157 units for sale last month, down by 59 per cent from November. Analysts said there has been softening demand for homes. But the low launch volume could also be due to seasonal adjustment and developers...
Owners still asking for sky-high prices while bank valuations fall A DOWNTURN is usually the time for bargain-hunters to snap up properties on the cheap. But for now at least, the reality could not be more different, as prospective buyers discover. Said Ms K Chan, a HDB dweller looking to upgrade to a condo: “I thought this would be a good time to pick up a good bargain. But owners are still asking for...
En bloc projects being leased out instead of getting rebuilt MANY new homes recently built for the well-heeled in Singapore are sitting empty. Only 45 per cent of the luxury projects launched since June 2006 have been sold as of November last year, according to property consultancy CBRE. This period saw the roll-out of 20 projects in this segment, which has a total of 2,209 units, some of which have yet...