{"id":20908,"date":"2016-07-13T09:41:27","date_gmt":"2016-07-13T02:41:27","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/weak-sentiment-continues-to-hurt-spore-property-market\/"},"modified":"2016-07-26T15:41:25","modified_gmt":"2016-07-26T08:41:25","slug":"weak-sentiment-continues-to-hurt-spore-property-market","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/weak-sentiment-continues-to-hurt-spore-property-market\/","title":{"rendered":"Weak sentiment continues to hurt S\u2019pore property market"},"content":{"rendered":"


\nAerial view of high-rise apartment buildings in Singapore.
\nReal Estate Developers\u2019 Association of Singapore (Redas) President Augustine Tan believes weak market sentiment continues to weigh down on Singapore\u2019s property market, reported The Straits Times.
\nHe noted that since the government rolled out a slew of property cooling measures from 2009, demand for private homes has dropped significantly on the back of large supply.
\nIn fact, 57,597 new private units and 12,077 executive condominiums (ECs) are in the pipeline as at May 2016. While only 15,000 units remain unsold, the supply is still significant considering the prevailing weak demand, Tan said at a property market seminar on Tuesday (12 July).
\n\u201cWith the cooling measures still in force, the real estate market continues to face disruptive forces on multiple fronts \u2013 from weak demand and hefty supply to manpower constraints and challenging business environment,\u201d said Tan, who also serves as Executive Director of Property Sales at Far East Organization.
\nHe revealed that developers have slashed prices by around five to 25 percent in some projects to move units. Sales at new property launches have also petered out following the initial launch.
\n\u201cIndustry experts estimate full year sales to come in at between 7,500 and 8,000 units this year, a level well below what would sustain a healthy property market,\u201d said Tan.
\nPressures continue to loom for projects affected by the Additional Buyer\u2019s Stamp Duty (ABSD) and the Qualifying Certificate (QC) rules.
\nHe expects the QC rules to affect about 1,100 to 1,200 unsold units from 17 developments by end-2016, while around 5,300 unsold units in 47 projects (excluding ECs) will be affected by the ABSD remission clawback from end 2016 to 2018.
\nInitially introduced in December 2011, the ABSD rules require developers to build and sell all units within a project in five years from the site\u2019s contract purchase date or pay a 10 percent levy, which was raised to 15 percent for sites acquired from 12 January 2013. The QC rules, on the other hand, require foreign developers to sell all units at their projects within two years from obtaining a Temporary Occupation Permit (TOP). Failure to do so will see developers paying extension charges that are pro-rated to the proportion of unsold units.
\nAccording to Tan, property markets are driven by both market sentiment and economic fundamentals. Market conditions have become more fast-moving while property cycles are now shorter. As such, he believes that keeping abreast of the latest development trends and market events is critical to retain a competitive real estate advantage.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Weak sentiment continues to hurt S\u2019pore property market<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Aerial view of high-rise apartment buildings in Singapore. Real Estate Developers\u2019 Association of Singapore (Redas)...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-20908","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-5re","jetpack-related-posts":[{"id":94189,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-property-curbs-to-erode-market-confidence-says-redas\/","url_meta":{"origin":20908,"position":0},"title":"New property curbs to erode market confidence, says REDAS","date":"July 18, 2018","format":false,"excerpt":"\r The new property curbs are a \u201cbig setback\u201d for Singapore\u2019s property sector, according to the Real Estate Developers\u2019 Association of Singapore (REDAS) in a report by the Business Times. These new cooling measures will impact the confidence of property developers, investors and home buyers, said REDAS President Augustine Tan.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20871,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-08072016-22072016\/","url_meta":{"origin":20908,"position":1},"title":"News Roundup (08\/07\/2016 – 22\/07\/2016)","date":"July 22, 2016","format":false,"excerpt":"\r Our top Singapore and regional property stories. No easing of property curbs until 2017, say experts Although home prices may start bottoming out in the next few quarters \u2014 which could prompt a moderate recovery from 2018\u2014 the easing of property cooling measures is not expected until next year\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/07\/URA-launches-request-1024x576.jpg?fit=1024%2C576&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":120284,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-expect-government-to-introduce-property-cooling-measures\/","url_meta":{"origin":20908,"position":2},"title":"More expect government to introduce property cooling measures","date":"February 10, 2021","format":false,"excerpt":"\r More expect government to introduce property cooling measuresThe quarterly survey polled around 40 to 50 senior executives in the real estate sector. The\u00a0possible risk of the government stepping in to cool the market jumped from 19.2%\u00a0in Q3 2020 to\u00a044.7% in Q4 2020. The latest Real Estate Sentiment Index showed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/02\/Singapore-slips-in-ranks-of-real-estate-investment-favourites-e1479969177648.original.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":103306,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-mortgage-demand-significantly-dented\/","url_meta":{"origin":20908,"position":3},"title":"Singapore mortgage demand significantly dented","date":"January 25, 2019","format":false,"excerpt":"\r Rising interest rates and new property cooling measures have significantly dented mortgage demand. Rising interest rates and the government\u2019s surprise property cooling measures in July have significantly dented mortgage demand at Singapore\u2019s banks, threatening to further accelerate the decline in house prices, reported Bloomberg. In the first 11 months\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":98205,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-work-harder-and-take-more-prudent-approach-amidst-property-curbs\/","url_meta":{"origin":20908,"position":4},"title":"Developers work harder and take more prudent approach amidst property curbs","date":"September 20, 2018","format":false,"excerpt":"\r It could take several years for the market to absorb the pipeline supply of private homes. The government\u2019s latest property cooling measures made it harder for developers to offload the nearly 46,000 private residential units expected to come onstream in 2019 and 2020, said Augustine Tan, president of the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101756,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cooling-measures-dampened-buying-sentiment-in-q3-report\/","url_meta":{"origin":20908,"position":5},"title":"Cooling measures dampened buying sentiment in Q3: report","date":"November 28, 2018","format":false,"excerpt":"\r En bloc sales in Singapore have come to a halt while residential sales have also suffered. The government\u2019s latest round of property cooling measures dampened buying sentiment in the private residential market during the third quarter of 2018, said Edmund Tie & Company (ET&Co) in a report. This comes\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/20908"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=20908"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/20908\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=20908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=20908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=20908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}