Rather than looking at overseas investments, many Singapore buyers are waiting for property prices to fall further at home before buying, says one market commentator
Many Singapore property investors are waiting for prices at home to fall further rather than looking overseas, says a market expert.
Residential private property prices fell 1.3% in the first three months of the year, the second consecutive quarterly decline and average prices of high-end non-landed homes fell 0.9%, according to the latest data from global agent Savills.
Alan Cheong, of Savills Research, says, “Caution rules the game, as sales volumes remain tepid.”
Developer caution is illustrated by the recent S$463.1million successful tender for the 268,713 square foot site residential site on Prince Charles Crescent, from UOL Venture Investments and Kheng Leong Company, which commentators say is conservative.
“The result of the recent tender of the residential site on Prince Charles Crescent shows that despite shows that despite strong demand for residential land, a cautious mood has pervaded among developers. This could lead to further moderation of launch prices of future projects, as long as the cooling measures remain in place.”
David Cheong, of Associate Director of RE/MAX Singapore – Real Centre Properties, tells OPP Connect, “Property prices are indeed falling …read more