Singapore Land says office market to weaken as supply increases

Singapore Land, a property developer and landlord that reported a gain in quarterly profit, said that the market for office space is expected to be “weak” as new buildings are completed in the city-state.

“The office market is expected to be weak in view of the significant new supply,” the company said today in a statement, announcing a 41% gain in profit for the three months to Sept. 30 of $56.3 million. “Retail market rents are expected to soften,” it said.

“The market for private homes is showing signs of recovery although the pace is still uncertain,” the statement added.

Source : The Edge – 6 Nov 2009

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