Tuesday, June 17, 2008

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Private Property Now Investors' Market

Dismal private property sales despite lower prices
.. over 3,000 new units remained unsold. That was despite developers cutting their prices for homes in 18 developments last month. Median prices for The Verve along Jalan Rajah, for example, dropped 17 per cent from $1,187 per sq ft (psf) in March to $985 psf in May. ...

Mr Colin Tan, Chesterton International’s research and consultancy head, said: “Presently, the market is dominated by investors rather than owner-occupiers because current price levels are beyond the affordability of most owner occupiers. . “To nibble at this investors’ market, developers will have to lower prices and have to continue to lower them to sustain sales,”....

As for leasing, Cushman and Wakefield’s Singapore managing director Donald Han said: “Contrary to the widely held perception that the rental market is still hot, it has already stabilised. The overall vacancy level is slowly rising as more units are completed.”
- Today, June 2008

Some investors have expressed in the Singapore Property Forum that they'd consider buying properties only if property price falls by 40% or below $600 psf.

May also want to read:
History of Singapore Property 1960 to 2008
Buy or Not Buy: How to decide amid mixed market signals
Smart Buyers, 10 reasons to wait
Property Price Index Graph Plotter & Online Property Valuation


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The blogger here has been affectionately named by close allies as "Smart Buyer" but really, he's not smart. Smart Buyer just believes that being prudent is smart. That's the essence of the message of this blog and Smart Buyer hopes it'll benefit other property buyers.

Smart Buyer :)