Singapore residential market to remain stable in 2019
The pace of new launches is forecasted to pick up from the second quarter of 2019, with CDL launching numerous projects, including a new EC project at Sumang Walk. Source: HDB
Property developers and property services companies expect the residential market to remain relatively stable this year, revealed CGS-CIMB.
APAC Realty expects transaction volumes for 2019 to be comparable with that seen last year “due to the sheer number of launches offsetting the lower take-up rates at multiple launches”.
Get more details on the property market outlook for 2019 here
The pace of new launches is forecasted to pick up from the second quarter of 2019.
City Developments Limited, for instance, is looking to launch 2,434 residential units this year from Boulevard 88, Haus on Handy, Amber Park, the Sumang Walk EC and Sengkang Central sites.
APAC Realty believes that en bloc sellers looking for replacement homes could help prop up the primary and resale markets.
“Management also highlighted that on a relative basis, Singapore property prices remain competitive for China-based buyers which has been a source of strong demand,” said CGS-CIMB analyst Lock Mun Yee.
With the buying appetite from locals and foreign buyers still fairly robust, Lock kept her projection for “primary sale volume to reach 9,000-10,000 units” unchanged along with the “expectation for private homes price performance to remain range-bound between zero percent and three percent this year”.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
