The latest Media report regarding Singapore’s slow Real Estate Market, challenging prospects lie ahead as home sellers and developers compete. This has resulted in a 45.5% of the total private home sales regarding resale dealings.
Under the newly provided data collection, method there has been a further increase in the first quarter of 2015 resulting that the resale, trade has increased by a further 47.1% – as property developers hold back on launching new property developments in the midst of the slow demand.
This is forcing the property developers to cut down on costs in moving units, as they expect that private abodes will rise in this coming year with 7%.
The Urban Redevelopment Authority has provided data showing that Hock Lian Seng has 189 unsold units, making part of their developed 420 units. This includes offering discounts on some of their condominium units in their Skywoods project.
Jayson Yap a property agent advised that in the past four years, the majority of these units sold themselves, compared to the changing property developments that the Singapore market is facing today.
He appealed to resale clients to start creating something more appealing for homebuyers by decorating it with more alluring furniture and fixtures.
The luxury up-market is hit the hardest in the sixth successive quarter of declining as the first quarter of 2015 caused that private home prices slipped by 1%.
Property market observers have warned that the next sector to feel the squeeze is the mid to low end markets.
In the latest update, companies like Roxy-Pacific and Hock Lian Seng Holdings are going to be the largest exposed to the mass-market sector and place strain on prices, rising to the stock of unsold units according to King Eng.
According to a Maybank market analyst, Derrick Heng the accumulation market values have not come down yet and frantically needs to come down.