{"id":64368,"date":"2017-08-23T10:34:45","date_gmt":"2017-08-23T03:34:45","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-market-upturn-on-the-horizon\/"},"modified":"2017-08-23T10:42:52","modified_gmt":"2017-08-23T03:42:52","slug":"property-market-upturn-on-the-horizon","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-market-upturn-on-the-horizon\/","title":{"rendered":"Property market upturn on the horizon"},"content":{"rendered":"


\n\u00a0
\nThere\u2019s mounting confidence that Singapore\u2019s real estate market is about to recover from its four-year slump, reported Bloomberg.
\nAccording to the latest data from the Urban Redevelopment Authority (URA), developers sold 3,077 private homes (excluding executive condominiums) in Q2 2017 compared to 2,962 units in the previous quarter and 2,256 units in the same period last year.
\nSEE ALSO:\u00a0Surging developer sales point to further property market recovery
\nShare prices of major local developers have also risen significantly this year. For instance, that of CapitaLand increased by 24 percent to S$3.76, while City Developments Ltd (CDL) shares rose 40 percent to S$11.48 as of 9.41 PM EDT on Tuesday (22 August).
\nBut Bloomberg Gadfly columnist Andy Mukherjee thinks that the start of a property upswing in Singapore needs someone influential to commit to an iconic long-term development.
\nFor instance, CDL Chairman and billionaire Kwek Leng Beng teamed up with AIG Global Real Estate 13 years ago to launch Sail@MarinaBay, an ambitious, 245m-tall waterfront tower.
\nIt was a surprising move that time as property prices were down 45 percent from its peak in 1996. Kwek also had forecasted that prices would increase from five percent to 10 percent annually over the next seven years, even though Singapore\u2019s residential market was impacted by the Asian financial crisis and then by the SARS epidemic. Ultimately, home values grew at a compounded annual rate of 7.5 percent over nine years.
\nHowever, Mukherjee noted that local developers appear to be making bigger investments elsewhere. CapitaLand has recently set-up a US$300 million fund to invest in Grade A commercial properties in Vietnam, while CDL joined forces with KPG Capital and Abacus Property Group to seek opportunities in Australia.
\nNonetheless, a Chinese group is bullish that Singapore\u2019s market upturn is close at hand, as a consortium consisting of Nanshan Group and Shenzhen-based Logan Property has successfully acquired a residential site at Stirling Road in Queenstown in May after it submitted a record bid of S$1 billion.
\n\u00a0
\nThis article was edited by Denise Djong.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Property market upturn on the horizon<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 There\u2019s mounting confidence that Singapore\u2019s real estate market is about to recover from its...<\/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-64368","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-gKc","jetpack-related-posts":[{"id":50742,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/spore-property-developers-face-a-dilemma-after-rule-changes\/","url_meta":{"origin":64368,"position":0},"title":"S\u2019pore property developers face a dilemma after rule changes","date":"April 3, 2017","format":false,"excerpt":"\r \u00a0 Property developers in Singapore are faced with a difficult decision after the government closed a tax loophole that enabled them to offload residential units in bulk to institutional investors and wealthy individuals, reported Bloomberg. This is to discount unsold luxury houses or pay penalties for failure to meet\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114393,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-plans-to-ease-property-curbs-deputy-pm\/","url_meta":{"origin":64368,"position":1},"title":"No plans to ease property curbs: Deputy PM","date":"February 20, 2020","format":false,"excerpt":"\r His statement comes after developers made renewed calls to loosen a measure penalising them for their failure to complete and sell new projects in five years.\u00a0 Singapore\u2019s Deputy Prime Minister and Finance Minister Heng Swee Keat revealed that the government has no plans to ease the property cooling measures.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":100442,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-may-need-to-rethink-pricing-amidst-new-shoebox-rule\/","url_meta":{"origin":64368,"position":2},"title":"Developers may need to rethink pricing amidst new shoebox rule","date":"October 24, 2018","format":false,"excerpt":"\r New URA rules have slashed the maximum number of units that can be built outside the central areas. The Singapore government\u2019s new policy on apartment sizes may come as good news to home buyers, but not to home builders who may now need a pricing rethink which could dent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54919,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-bid-more-aggressively-amid-signs-of-housing-market-rebound\/","url_meta":{"origin":64368,"position":3},"title":"Developers bid more aggressively amid signs of housing market rebound","date":"May 16, 2017","format":false,"excerpt":"\r With buyers snapping up units at projects such as Seaside Residences (pictured), new home sales more than doubled from the same month last year. The spike in new home sales following an easing of property cooling measures saw more developers aggressively bidding at land auctions in Singapore, reported Bloomberg.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36220,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/this-usd100-billion-city-near-singapore-scares-the-hell-out-of-everybody\/","url_meta":{"origin":64368,"position":4},"title":"This USD100 billion city near Singapore \u201cscares the hell out of everybody\u201d","date":"November 28, 2016","format":false,"excerpt":"\r Chinese developers are swamping the market Johor Bahru, Malaysia. Hamdi Bin Zainal\/Shutterstock Rather than join the fierce, oft-expensive competition for land in Singapore, Chinese property developers are on a building spree outside the city-state, close to the Malaysian border. Companies such as Country Garden, Greenland Group, and Guangzhou R&F\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112959,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/4-years-needed-to-clear-property-supply-glut-experts\/","url_meta":{"origin":64368,"position":5},"title":"4 years needed to clear property supply glut: Experts","date":"December 9, 2019","format":false,"excerpt":"\r The current property glut issue in Singapore could take around four years to be eliminated, property experts told Bloomberg. The overhang could also\u00a0exert a downward pressure on property prices in the midst of an uncertain economic outlook.\u00a0 The Urban Redevelopment Authority (URA) revealed an overhang of 31,948 units as\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\/64368"}],"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=64368"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/64368\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=64368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=64368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=64368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}