11 Jun '11, 1pm

Market watchers warn of oversupply of private homes

SINGAPORE: Market watchers have said there may be an oversupply of private homes in two to three years' time, when most developments are completed. They cautioned that while a good economy may see these units gradually taken up, a downturn will send the property market into a depression. National Development Minister Khaw Boon Wan issued a "health advisory" on his blog, urging investors and upgraders to think hard before buying a new home. He warned that "sharp property prices cannot go on forever". Those hoping to make a profit by re-selling or renting out apartments may find themselves competing in an increasingly crowded market. By some estimates, as many as 93,000 new homes could hit the market over the next five years. SLP International's Executive Director of Research and Consultancy, Nicholas Mak, said there are roughly 80,000 homes currently under development. He a...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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