It is that time of the year when many Chinese Singaporeans shy away from undertaking major projects or "risky" activities during the Hungry Ghost Festival. The festival, which occurs during the 7th month of the lunar calendar, has affected everything from renovation to marriages. But observers said the property market has not really been affected this year. Property analysts said new projects are still...
Hungry Ghost Festival
The property market was quiet during the Lunar Seventh Month this year, according to real estate services company Colliers International. Only one property was sold, out of a total of 34 properties put up for auction sale, for S$1.66 million. This is comparable to the same period in 1998 - the year of the Asian Financial Crisis - which saw two properties sold for S$1.65 million out of the 29 properties...
Property developers are hoping that home buyers will purchase ahead of the Hungry Ghost Festival in August. Otherwise, overall market sentiment will be cautious. Chia Siew Chuin, Director of Research & Advisory at Colliers International, noted that while the end of the school holidays could imply the return of some buyers to the market, overall sentiment in the private housing market is likely to stay...
This year's Hungry Ghost Festival has spooked buyers in the property auction market, but enough cash was still burned up to set a three-year high in sales. Property consultancy Colliers International said on Wednesday only 14 out of 85 properties put up for auction during the Hungry Ghost Festival, which began on August 20, were sold. That works out to a successful transaction rate of just 16.4 per...
Some consider the seventh month of the lunar calendar an inauspicious time to buy a property. But it seems like the Hungry Ghost Festival is not going to spook homebuyers and property investors in Singapore. A 99-year condominium at Toa Payoh was open for sale on Saturday and within a couple of hours, about 85 per cent of the 400 units available in the first two phases were snapped up. In response to...
IF YOU are thinking of shopping for a private property this weekend, you may find your choices limited, as developers seem to be avoiding the start of the Hungry Ghost month when it comes to launching new projects. The Hungry Ghost month - the seventh month on the lunar calendar - is considered by some to be an inauspicious time to buy new property. This year, the Hungry Ghost month began on Thursday and...
Sales of new private residential homes slipped 64 per cent to 320 units in August, as compared to over 890 units sold in July. Market watchers say this is the weakest transaction volume since April 2008. At the peak of the property boom in August 2007, over 1,700 units of private homes were sold, and the 320 units sold in August 2008 was 81 per cent lower year-on-year. However, the low take-up was not...
This year's Hungry Ghost Festival, which is celebrated on the seventh month of the Chinese lunar calendar, comes at a time when the global economy is also slowing. Traditionally, it means a quieter property market as investors and developers lie low during what they perceive to be an inauspicious occasion. The Singapore property market is no exception, but experts said lower volumes may not be due to...