17 Feb '14, 6am

DBS chief says property prices to drop 10-15% in Singapore

Housing prices in Singapore are expected to fall by 10 to 15 percent this year exceeding the 10 percent drop forecasted by property analysts, according to Piyush Gupta, Chief Executive Officer of DBS Bank who was quoted in the media. However, the decline will have no material impact on the bank’s loan book, he said during DBS' Q4 results briefing. Specifically, luxury home prices are expected to fall by 15 percent while the lower-end of the market will likely see a 10 percent decrease. “All our stress tests in the past have shown that we can easily withstand a 20 percent reduction in Singapore property prices without material impact on our portfolio. We stress-test (for a) 20 (percent fall in property prices), but don't expect it to happen; our stress tests are always calibrated to go off the charts. My own sense is that there will be a correction of 10-15 percent,” Gupta ...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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