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As Singapore faces a "new normal" of slower growth and even stagnation risks, the property market is unlikely to stage a major rebound even if some cooling measures are relaxed now, market watchers said at a property seminar on Tuesday.
Chua Hak Bin, head of emerging Asia economics at Bank of America Merrill Lynch, warned that Singapore may enter a period of stagnation over the next couple of years.
The combined value of private and public homes in Singapore’s north-east is $396 million less today than when they were bought, a new report has found.
The report by SRX Property sought to calculate the “paper losses” faced by home owners across Singapore, given the recent slide in property prices.
Of the 7,619 Housing Board flats in Sengkang with caveats lodged historically, 46.9 per cent or 3,575 owners would suffer losses if they were to sell at today’s estimated market value, SRX Property said. This calculation is based on the price the owners paid for their homes.
