Kwek Leng Beng, executive chairman of City Developments, says that unless the global and domestic economies rebound strongly and curbs on foreign buyers for private residential property sales are reviewed, the group expects some oversupply in the Singapore residential sector from next year onwards.
"The group would rather err on the side of caution in its land replenishment strategy," CDL said.
Generally, private home prices could drop like 5 per cent from now till next year assuming all the cooling measures remain intact, he said during the group's second quarter results briefing.
Tagged in:
Demand and Supply Fundamentals
Development Charges
GDP per capital
Land Cost
Private Residential Property Price Index
Private Residential Property Price Index in Core Central Region
Private Residential Property Price Index in Outside Central Region
Private Residential Property Price Index in Rest of Central Region
Transaction Volumn
Value of Land