10 Jul '17, 4am

Redas: Too soon to say property market has recovered

Augustine Tan, President of Redas. (Photo: Far East Organization) Despite signs of the property market picking up, Real Estate Developers’ Association of Singapore (Redas) President Augustine Tan believes that it is still too early to assume that the market has finally turned positive and recovery has kicked in, reported TODAYonline . This comes as the city-state’s macroeconomic fundaments are still not strong, while the global economy’s growth remains anaemic amid rising US interest rates and geopolitical risks. Tan also pointed to the supply overhang of around 37,000 uncompleted units as at Q1 2017, of which 43 percent remain unsold. He noted that it will take about two years to absorb the existing stock, given the current new private home transaction volume of around 8,000 units in 2016. A potential supply of 8,125 private housing units were also released under the Gove...

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

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