Property seekers were keen to find out more about the Kingsford Waterbay project in Upper Serangoon.
A recent seminar by PropertyGuru addressed the current state of the residential market, and what buyers and investors need to know to make better property decisions.
By Mindy Chong
Recent news reports on Singapore’s property market indicates mixed signals. Despite falling prices, developers continue to launch new projects, ponying up record prices in hotly contested land sales and bidding more aggressively for en bloc deals.
Transaction volumes have increased from last year, although the rental market is in the doldrums and vacancy rates are set to reach a record high. Some analysts believe the signs point to a potential recovery, while others feel that the market has reached a tipping point.
These issues were discussed during PropertyGuru’s recent Guru Talk seminar held at the Kingsford Waterbay show at in Upper Serangoon. Guru Talk is a series of knowledge empowerment seminars aimed at providing ‘Guru Views’ on the property market.
Held on 29 July, the seminar attracted more than 90 people seeking insights from speaker Winston Lee, regional head of special projects at PropertyGuru.
“Singapore’s property prices have been softening for the past few quarters and are expected to remain stagnant,” Lee told attendees.
“In the first half of 2017, the total number of private units sold reached 13,462, compared to 6,280 in the second half of 2016. There is no significant difference in the median psf price between 2016 and 2017,” he noted.
“Another key factor is developer land bids. In April 2017, 24 developers bid for a land parcel at Toh Tuck Road, which marks the second-highest number of bids ever received. Analysts are of the view that many foreign investors remain confident in the long-term performance of Singapore’s property market.
“For example, Logan Property (Singapore) and Nanshan Group Singapore were willing to bid for land at Stirling Road in Queenstown for $1 billion!”
He also shared that new project launches since late 2016 have seen strong sales, suggesting renewed interest in this segment. Recent success in the en bloc market has also encouraged residents in older projects to try and cash out collectively, while the current lower price levels are unlikely to remain in the medium to long term.
Attendees also benefitted from a home loans talk by Colin Lim, Associate Director of Rebrick Mortgage, and learnt the basics of wine appreciation from Simon Boeglin, Sommelier at The French Cellar. Some attendees even got to enjoy cash rebates of up to $5,888 with their property purchase.
If you missed the seminar, please watch our video at: bit.ly/gurutalkkingsfordvideo.
For more information on upcoming Guru Talks, go to: www.pgevents.propertyguru.com.sg.
|This article was first published in the print version PropertyGuru News & Views. Download PDFs of full print issues or read more stories now!|