Friday, December 12, 2008

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Developers to woo HDB Upgraders as foreign buyers pull out

WITH foreign buyers pulling out of Singapore’s property market on the back of deteriorating global economic conditions, Housing Development Board upgraders are forming an increasingly important group of buyers here.

“Developers are more likely to launch projects in suburban areas or projects with smaller units so that the absolute amount is affordable,” an analyst said.
However, others believe there are likely to be better bargains in the secondary market, where individuals may be under pressure to offload their properties in a downturn.
Noting that prices for mass-market condos now average between $650 to $750 per square foot in suburban locations, ERA Asia-Pacific’s assistant vice-president Eugene Lim said that developers, especially those with the financial strength, will probably not cut prices until after the 2009 Budget at the end of January next year.

Extracted from BT 11 Dec 2008

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