Little Cheers for developers
Singapore property developers ended 2014 by clocking up the worst sales since 2008.
With only 231 new residential units were sold in Oct 2014, down from the 422 residential units sold in Nov 2014.
The poor performance is expected, in view of the cooling measures and the market sentiments, plus the influx of ready unit available in the market.
The month of December has be written off by property developers for new launches, due to buyers’ lukewarm interest during the end-of-year holiday period. The resale market is not spared, as only 53 residential units were on sale last month, in comparison with the 862 residential units in Nov.
In view of the poor volumes in transactions, property developers very likely to keep prices in moderations to order to sell
Buyers are expecting the easing of cooling measures from the authorities, hence is on a “wait and see” attitude towards their next property purchase.
Properties are also like to have a slight correction due to the current market sentiments, of which the potential buyers would re-enter in the later part of 2015.