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Sípore property picking up
New mega projects, government support to help revive sector
PETALING JAYA: The property market in Singapore is showing signs of recovery after the global financial meltdown and analysts as well as developers are optimistic this uptrend will continue, especially with the governmentís strong support.
The latest CB Richard Ellis Market View Report showed that property transactions in the republic peaked to about S$54bil in 2007.
It tumbled by about 66% to S$18bil in 2008 Ė impacted by the global financial crisis Ė before plummeting to insignificant levels of transactions in the first quarter this year.
However, the report also indicated that the property sector may have bottomed out, going by the investment transactions worth several billion dollars in the second quarter compared with the first quarter.
The report also showed that the pace of rental drop had eased as stability in the market returned, especially in office space, while pent-up demand for residential sector was seen in the mass market, mid-tier and prime segments.
There was also a significant increase in the volume of resale homes and sub-sales in the secondary market of the residential sector.
But the industrial sector remained sluggish with a slow rate of decline in rental and capital appreciation.
The retail sector showed new supply and new concepts that spelt an exciting era for businesses.
Raffles Quay Asset Management Pte Ltd (RQAM) general manager Wilson Kwong said the company was seeing some early signs of recovery in the property sector and the momentum should improve going into 2010.
RQAM was formed to manage the multi-billion dollar 3.55ha Marina Bay Financial Centre (MBFC) under a tripartite venture between Cheung Kong (Holdings) Ltd, Hong Kong Land Ltd and Keppel Land Ltd.
Kwong said the property revival started in the second quarter with a bit of nibbling by investors of properties in prime locations.
ďWe are experiencing a healthy pick-up of residential and commercial space at MBFC, with 61% of its three million sq ft of Grade A office space being pre-committed by established tenants,Ē he noted.
Kwong said the pre-commitment clearly indicated the tenantsí level of confidence in the buoyancy of Singaporeís property sector in the long term, despite the fact that MBFC was being built in phases.
He said rental rates of MBFC office space should be comparable or possibly even higher than the current prices in the central business district of Singapore.
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are australians/kiwis able to buy property in Singapore anyway?
Well that depends on which property you're interested in
what do you mean?
What about residential property for renting out?
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