IS THE seeming recovery in the property market for real? It’s the million-dollar question that no-one – neither developers, analysts nor homebuyers – can answer with any certainty.
The residential market in Singapore took off in February this year, after subdued sales through all of 2008. The bull run culminated in a record 2,772 new private homes sold by developers in July this year.
A question mark now hangs over how the cooling measures announced in Parliament last week by National Development Minister Mah Bow Tan – to “temper the exuberance in the market and pre-empt any speculative bubble from forming” – will affect the market. Analysts say the measures, which include banning the interest absorption scheme, are not likely to keep away genuine buyers.
Speculators, on the other hand, might think twice.
The first major launch since the measures were announced – CapitaLand’s The Interlace – still saw healthy take-up. Of the 360 units released for sale, 233 units or 65 per cent were sold as of Sunday. Continue reading
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