Private residential property expected to stabilise in 2020, in line with economic fundamentals according to Redas president
Turning to Singapore’s private property market, Singapore Developers will be launching more than 30 new projects which are expected to launch for sale this year and will comprise about 9,000 units. Half of the new projects are in the city centre, or Core Central region (CCR).
Demand for private homes from HDB upgraders is expected to remain steady this year, as close to 26,100 HDB flats will reach their Minimum Occupation Period (MOP). This is about 50% higher compared to the average number over the past five years.
Resale HDB market is expected to experience more liquidity after the introduction of a higher income ceiling and improved government subsidies for potential HDB buyers.
Although Developers are concerns over the on-coming supply and build-up of unsold inventory remain. There are assurance that the government is monitoring the real estate market closely and will act where and when needed to maintain a stable and sustainable property market.