Experts expect the recovery of Singapore’s real estate market to continue this year following three years of price drops, reported the Business Times.
However, prices are unlikely to rise too high, like the 38.2 percent surge between mid-2009 and mid-2010, due to existing cooling measures, said JLL National Director of Research and Consultancy Ong Teck Hui.
Even the forecasted price growth for 2018 among analysts are varied, with projections ranging from three percent to 15 percent.
While this year’s total sales volume is anticipated to surpass that in 2017 due to a more vibrant secondary market, sales of new houses could be on par with last year’s level as developers limit their launches to leverage on future price hikes.
Meanwhile, Knight Frank Research Head Alice Tan thinks that the strong demand for en bloc sites could continue for another six to nine months until the property market achieves some equilibrium in supply and demand.
Savills Singapore Senior Director Alan Cheong estimates that the total potential number of collective sales in Singapore could reach 120. But en bloc sales could slow down as the supply of available sites may have exceeded developers’ landbank requirements.
“We believe that the smaller sites may still be transacted and once these get taken up, the currently over-revving collective sales market may return to an idling state. Therefore, just as the collective sales market came to life out of the blue, it may return to sleep mode just as suddenly,” he added.
This article was edited by Keshia Faculin.
