Singapore’s recovering housing market a boon for DBS

Victor Kang30 Jul 2019

Singapore CBD

DBS cited mortgage lending as a bright spot in their recently released second-quarter earnings as the b Mortgage-loan applications rose 60 per cent from the first three months of 2019. This is due to the resurging housing market. 

Benefitting from the city-state’s resurging housing market, Singapore’s biggest bank DBS Group Holdings cited mortgage lending as a bright spot in their recently released second-quarter earnings, reported Bloomberg.

DBS CEO Piyush Gupta revealed they have “seen the bookings come back up”, following three quarter of subdued growth, which was ushered by last July’s property cooling measures.

He noted that second-quarter mortgage-loan applications rose 60 percent from the first three months of 2019 and “since bookings are up, you’ll see the flow through to the balance sheet” in the second half.

Latest data showed that home prices in Singapore grew 1.5 percent in the three months to 30 June, which is the highest gain since Q2 2018. The hike in prices was driven by luxury purchases as well as a robust increase in foreign buying of private homes.

Nonetheless, the effect of last year’s cooling measures is still felt despite the up-tick.

Looking ahead, Gupta expects the bank’s mortgage book to grow by around $1 billion in the second half – leading to a projected growth of around $2 billion for 2019. This is down from the $4 billion forecast made at the start of 2018.

And while it is “much slower than it used to be, but it’ll still be positive”, said Gupta.

Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email


You may also like these articles

DBS, UOB offering home loans with zero spread

A large crowd of prospective buyers at The Clement Canopy showflat. (Photo: UOL Group) DBS Bank and United Overseas Bank (UOB) are offering mortgages with zero percent spread to compete for the cha

Continue Reading28 Feb 2017

DBS launches largest banking API developer platform

DBS Bank has launched the world’s largest banking application programming interface (API) developer platform.DBS expects the API platform to boost its lead in creating innovative as well as customer

Continue Reading3 Nov 2017

New cooling measures to impact banks’ mortgage business, says DBS

Singapore’s mortgage market is expected to soften in the long term due to the new cooling measures in the private residential market, according to the city-state’s largest bank, DBS Group Holdings

Continue Reading20 Jul 2018