<TABLE id=msgUN cellSpacing=3 cellPadding=0 width="100%" border=0><TBODY><TR><TD id=msgUNsubj vAlign=top>
Coffeeshop Chit Chat - Spore's Property Market Languishing</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR class=msghead><TD class=msgF noWrap align=right width="1%">From: </TD><TD class=msgFname noWrap width="68%">SGNEWSALTE <NOBR></NOBR> </TD><TD class=msgDate noWrap align=right width="30%">3:03 am </TD></TR><TR class=msghead><TD class=msgT noWrap align=right width="1%" height=20>To: </TD><TD class=msgTname noWrap width="68%">ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 7) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft width="1%" rowSpan=4> </TD><TD class=wintiny noWrap align=right>3268.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>http://www.property-report.com/em_top_stories.php?id=2110&date=021208
SG’s property market languishing
<TABLE height=24 width="99%" align=center border=0><TBODY><TR><TD height=20>by Khalil Adis
</TD></TR></TBODY></TABLE>The full impact of the global financial crisis is being felt in Singapore´s property market as it experienced a decrease in the number of subsales and foreign buyers but more public housing upgraders buying private properties, reported The Business Times.
The Business Times made this conclusion based on DTZ´s analysis of caveats of private homes in the third quarter of this year.
DTZ´s data shows total subsales of non-landed private homes fell 8 percent to 473 units in the third quarter.
Meanwhile, subsales of high-end condominiums and apartments (priced at least S$1,000 per sq ft) experienced the greatest decline of 24.2 percent quarter-on-quarter to only 213 transactions.
Foreign investors are also shying away from Singapore´s property market as their numbers slid 6 percent quarter-on-quarter to 903.
In addition, the number of foreign buyers that made up the total private home deals in the third quarter fell from 25 percent in the previous quarter to 22 percent.
“A large proportion of foreigners buy for investment. Hence, when prices are falling, there is less interest. Furthermore, with economies and property markets slowing down all over the world, many of the foreigners have been affected back home and they may pull out their overseas investments,” Chua Chor Hoon, DTZ´s senior director for research told The Business Times.
The Business Times also noted that HDB dwellers tend to make up a bigger proportion of private home buyers during a property downturn.
DTZ´s data supports this as buyers of private homes with HDB addresses made up 41 percent of the private property market in the third quarter compared to 34 percent in the second quarter.
“Many of them are buying for owner occupation. Some may be sitting pretty on gains on their existing HDB flats which they bought directly from the HDB some years ago. Together with Central Provident Fund (CPF) savings, it may be easier for them to cross over to private homes,” Ong Choon Fah, DTZ´s executive director told The Business Times.
The narrowing gap between HDB resale flats and private properties have also contributed to an increase in HDB upgraders buying private properties.
“The trend was supported by the narrowing gap between HDB resale flat prices and private home prices in the third quarter, as HDB resale prices continued to increase while private home prices fell,” Ong told The Business Times.
Singapore´s private property price index fell by 2.4 percent while the HDB resale price index increased by 4.2 percent in the third quarter.
The drop in private housing prices represents the first negative growth after 17 consecutive quarters of increase, since the beginning of 2004.</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
SG’s property market languishing
<TABLE height=24 width="99%" align=center border=0><TBODY><TR><TD height=20>by Khalil Adis
</TD></TR></TBODY></TABLE>The full impact of the global financial crisis is being felt in Singapore´s property market as it experienced a decrease in the number of subsales and foreign buyers but more public housing upgraders buying private properties, reported The Business Times.
The Business Times made this conclusion based on DTZ´s analysis of caveats of private homes in the third quarter of this year.
DTZ´s data shows total subsales of non-landed private homes fell 8 percent to 473 units in the third quarter.
Meanwhile, subsales of high-end condominiums and apartments (priced at least S$1,000 per sq ft) experienced the greatest decline of 24.2 percent quarter-on-quarter to only 213 transactions.
Foreign investors are also shying away from Singapore´s property market as their numbers slid 6 percent quarter-on-quarter to 903.
In addition, the number of foreign buyers that made up the total private home deals in the third quarter fell from 25 percent in the previous quarter to 22 percent.
“A large proportion of foreigners buy for investment. Hence, when prices are falling, there is less interest. Furthermore, with economies and property markets slowing down all over the world, many of the foreigners have been affected back home and they may pull out their overseas investments,” Chua Chor Hoon, DTZ´s senior director for research told The Business Times.
The Business Times also noted that HDB dwellers tend to make up a bigger proportion of private home buyers during a property downturn.
DTZ´s data supports this as buyers of private homes with HDB addresses made up 41 percent of the private property market in the third quarter compared to 34 percent in the second quarter.
“Many of them are buying for owner occupation. Some may be sitting pretty on gains on their existing HDB flats which they bought directly from the HDB some years ago. Together with Central Provident Fund (CPF) savings, it may be easier for them to cross over to private homes,” Ong Choon Fah, DTZ´s executive director told The Business Times.
The narrowing gap between HDB resale flats and private properties have also contributed to an increase in HDB upgraders buying private properties.
“The trend was supported by the narrowing gap between HDB resale flat prices and private home prices in the third quarter, as HDB resale prices continued to increase while private home prices fell,” Ong told The Business Times.
Singapore´s private property price index fell by 2.4 percent while the HDB resale price index increased by 4.2 percent in the third quarter.
The drop in private housing prices represents the first negative growth after 17 consecutive quarters of increase, since the beginning of 2004.</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
