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SINGAPORE: Since the last property cooling measures rolled out in July 2018, market sentiments have remained subdued.
The new measures have led to higher acquisition costs for buyers and curbed their ability to take out larger loans to purchase private property, so from a theoretical standpoint, one would expect demand to decline together with prices.
[SINGAPORE] Developers' sales of private homes nearly doubled in May from a month ago as new launches were priced to target buyers who have become more price-sensitive as a result of loan curbs.
But such robust sales are unlikely to be repeated this month, a seasonally slow period because of the school holidays. Even the World Cup soccer competition could become a distraction for potential buyers in this tepid market, analysts say.
"It is premature to conclude that the market has revived from its slump," said Ong Teck Hui, national director of Research and Consultancy at JLL, pointing to the mixed showing at new launches last month.
Latest data from the Urban Redevelopment Authority showed that developers sold 1,470 private condos last month, the highest level since June 2013 and a 96 per cent jump from the 749 units sold in April. The top five projects made up 78 per cent of total sales in May.
Buying volume likely to improve.
According to Colliers International, taking into consideration the healthy interest seen during the launch of Lakeville in early April, primary market sales volume is expected to climb to the region of 500-800 units in April before improving further in the following months.
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Developers gearing up for more launches.
According to Colliers International, as developers gear up for more launches, primary market sales volume is expected to remain in the region of 600-900 units in March before improving further in the following months.
Notwithstanding the improvement in launch and sales volume in February, it appears that the market is slowly approaching a stable state following the implementation of the Total Debt Servicing Ratio (TDSR) in June 2013, cooling off from the exuberance seen in 2012 and 1H 2013.
Buyers likely to delay purchases.
According to CIMB, given supply concerns and policy curbs, it expects a buyers’ market with little pricing power for the developers in 2014-16. CIMB predicts a 10-15% drop in property prices in the next two years but expects high-end developments to be affected by a greater degree with looming extension charges and higher price sensitivity within upgraders.
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Property remains the favoured asset class among Ultra High Net Worth Individuals (UHNWIs), with almost a quarter of their investment portfolio accounted for by property, according to Knight Frank’s Wealth Report.
In its UHNWI Attitudes survey which was jointly launched with the Bank of Singapore and involved nearly 600 private bankers and wealth advisors, over 40 percent of respondents said their clients increased their allocation to property in 2013 while 47 percent expect it to rise further this year.
Singapore's developers posted the worst performance on the benchmark Straits Times Index FSSTI this year after recording the biggest gains in 2012 as property curbs drove home sales lower and slowed price gains.
Property stocks in Singapore, ranked the most-expensive city to buy a luxury home in Asia after Hong Kong may further languish next year after the government took measures to cool prices. Home sales may decline 10 percent in 2014 while prices are expected to drop for the first time in two years, according to broker Chesterton Singapore Pte.
