Housing market on road to recovery, say experts

Singapore Property

Singapore’s housing market seems to be reviving with their private house sales which have been reached about 8,391 units for the first eight months of 2017, beating the sold units of the last year’s sales which is 7, 972 units, as reported by the Urban Redevelopment Authority’s (URA) statistics issued last Friday, September 15.

Besides on its 60.3 percent greater than the number recorded in the same period of 2016, it also surpassed the 7,576 units transacted between 2014 and 2016, succeeding the introduction of the Total Debt Servicing Ratio (TDSR) outline in June 2013.

The total home sales surpassed 11,700 units between January and August of this year, including executive condominiums (ECs). The overall sales does not only transforms to a development of 42 percent year-on-year, besides it beats the yearly average of 10,285 units from 2014 to 2016.

Ong Teck Hui, JLL’s national director for research and consultancy said the Business Times that private home sales would stay fit and healthy, with individuals purchasing houses as marketplace nears rock-bottom.

“Purchasers’ main request who are attempting to buy at close to the market trench will maintain to preserve business transactions resilient. In this year, we might be observing sales of 12,000 to 13,000 private housing units by the inventors.”

CEO Mohammed Ismail of PropNex Realty believes that the whole sales of this year could go beyond 16,000 units, covering the 12,000 private units and 4,000 executive condominiums.

“Purchasers are more ready to choose current projects that are accurately priced for they are frightened that the costs may upsurge by up to 10 percent on the coming year, with the current threatening land offers from current land sales.”

In arrangement, Desmond Sim of CBRE’s research head is expecting a “U-shaped retrieval” and considers that “the recent trench can’t stay at this level as long as the land is increasingly being bought at greater costs”.

For the meantime, developers found purchasers for 1,241 private houses in August, or 1,581 units if ECs are involved. The project which is top-selling at that time was the Le Quest, which accounted for 286 discharged units.

Despite August corresponded with Hungry Ghost Festival, which is believed to be discouraging time to purchase property, but still sales beat those recorded in the last three months.

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