Singapore Property | Mr. Augustine Tan, the head of property developers’ organization in the country, recently warned that that several factors may affect the home prices negatively in Singapore. Moreover, if the government would still insist that the cooling measures would be retained, it would also risk the economy in general and not just the real estate market.
During his speech at the Orchard Hotel, Mr. Tan, who is also the Real Estate Developers’ Association of Singapore’s president was able to invite Josephine Teo as his guest of honor. The latter is the State for Finance and Transport’s Senior Minister.
Being the Far East Organization’s executive director at the same time, the government was also given credit by Mr. Tan for the meeting halfway with what the Singaporeans need. When he congratulated the government, he also mentioned that Singaporean government was all ears and will do all measures and make the changes needed as well. He supports the government for trying to achieve a more sustainable market along with the stipulations of the developers at the same time.
Prior to the implementation of cooling measures, property prices of have skyrocketed and so does the sales in the market. Thanks to the cooling measures, developments like Sturdee Residence or Thomson Impressions will be now more affordable. But though there were about 70,000 uncompleted private units up for grabs, the sales volume decline drastically since 2013.
Moreover, the rental market isn’t expected to rise sooner. As a matter of fact, experts even anticipate a big decline in the rentals for the next year or so. Also, the global and regional status of the real estate market is still ambiguous to date.
While Tan remains pessimistic, Li Jun from Qingjan Realty was more positive with his market outlook saying that the prices will soon increase since there the land supply for new projects are now limited for developers resulting to lesser options for buying opportunities.