· The Singapore property market was on a roll in 2010 and still one of the best markets to invest in today, in 2015. As quickly as new condominiums sprouted up, they appear to have been almost as quickly absorbed by the market. This seems especially so for mass market housing, which contributed a large percentage of the over 16,000 new units sold in 2010 with an exponential growth towards 2015. For more information on singapore property, visit our website.
A Look Back at the Singapore Property Market in 2010
According to official URA (Urban Redevelopment Authority) data, prices of private residential property in Singapore climbed a massive 17.6 percent in 2010, surpassing the previous high (achieved in 1996) in the 2nd quarter, and continuing to trend upward after that. However, the price gain of 2.7 percent in Q4 was the smallest in the last six quarters, with the exception of the high-end luxury segment that had been underperforming the general market over the last two years. This segment rose 2.3 percent in the last quarter, compared to 1.6 percent in Q3, due to renewed interest in high-end homes. This has pushed luxury home prices to a new record, overtaking the previous peak in 2008.
Industry players attribute this rise to the strong Singapore economy and low interest rates, that is again attracting foreign buyers back into the market after an anticipated drop in prices did not materialize. The number of residential units bought by foreigners increased 14 percent in 2010, contributed in part by the more stringent property ownership rules in China and Hong Kong that is channeling clients here, who are parking their money in Singapore property instead. In summary, while the few rounds of cooling measures by the Singapore government in 2010 appear to have moderated price increases, they do not appear to have dampened demand for Singapore property. The estimated 16,000 or so new private homes sold last year is a new record.
Singapore Property Market in 2011
Industry experts say the outlook remains strong for this year, though overall prices increases may moderate to between 3 to 10 percent. But they are more optimistic about high-end homes, saying that this sector could rise by between 5 to 10 percent, due to the increasing anti-speculation measures in the region, especially in China, that are diverting funds here. Mainland Chinese form the fastest growing segment of foreign buyers. Prices of mass-market homes, on the other hand, would likely increase by less than 5 percent.
New Singapore Property to Look Out For in 2010
CBD (Central Business District)
Look out for projects in Tanjong Pagar & other rejuvenation areas under the Singapore masterplan. One such project coming up is Spottiswoode 18.
Districts 9, 10, 11
Luxury projects in these districts have always been prime favorites among foreign buyers. A new high-end project that will launch units for sale in 2011 is CapitaLand's D'Leedon in Farrer Road.
In the mass market end, projects due to launch early 2011 will include Waterfront Isle and Canberra Residences, a 5-storey mid-size condo in Sembawang, that will address a shortage of new private projects in the northern end of Singapore. Want to know more about sg property? Visit us today for more information.