Private Residential Property Market expected to ‘remain resilent’ in 2020: REDAS

Private Residential Property Market

Real Estate Developers Association of Singapore ( REDAS) President Chia Ngiang Hong stated on Friday ( Jan 31) that, “Private home sales are expected to remain resilent in 2020”

On the REDAS’s spring festival lunch, he said there could be more that 30 projects with 9,000 new units launched for sale this year. And also said that more than half of the newly projects are wanted to be located in the core central region.

Mr. Chia said, Demand for private homes from housing and Development Board (HBD) upgraders are also expected to remain steady with more flats reaching their Minimum Occupancy Period.

About the plannings

About 26,100 flats will reach Minimum Occupation Period – 50 per cent higher than the average over the past five years. Higher income ceilings and improved subsidies for HDB buyers will also increase liquidity in the HDB market, Mr Chia said.

Meyer Mansion Condo is one of the popular luxurious condo in Singapore.

Despite the strong headwinds and cooling measures in place, Mr. Chia said 2019 was a “resilient” year for the property market.

On the other hand, the private residential market launched 52 new projects with 17,000 units for sale.

The total amount of private home sales is 9,912 units in 2019. The rate is 12.7 per cent higher than the rate of 2018. On the other hand the prices are also grew more sustainably at 2.7 per cent comparing to 7.9 per cent in 2018.

Prices of new homes are not expected to change much this year, he said. “The private residential market seems to be stabilising in line with economic fundamentals.”

But he added that sales performance across different projects and segments are expected to be “uneven”, with developers concerned over oncoming supply and build-up of unsold inventory.

Minister for National Development Lawrence Wong – who was also at the lunch – addressed the potential impact of the Wuhan virus on the economy.

“There will be impact, let’s be very clear about that … we are already seeing it,” he said.

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