Home News Featured News Private property prices to rise between 5-7% says research firm

Private property prices to rise between 5-7% says research firm

- Advertisement -

Property consulting firm Cushman & Wakefield believes private property prices will rise between 5% and 7% this year.

A spokesperson for the firm told the Wall Street Journal the higher stamp duty announced this week could have the effect of increasing demand for lower-priced properties located in the suburbs.

This despite the fact that Singapore’s residential property market is still too hot for the city-state’s government, said the Journal.

The Journal said the recent uptick in sales drew both local and overseas developers to acquire land for development.

- Advertisement 1-

The so-called collective sales, where builders buy old apartment blocks for redevelopment, have increased in volume in recent months.

A total of eight sites worth a total of S$3.1 billion have been sold so far this year, according to Cushman & Wakefield.

That follows collective sales of private property totalling of S$8.2 billion in 2017, the highest level in a decade.

The Journal said there are signals the frenetic pace of activity in the market over the past year may be worrying the authorities.

This brought about the cooling measures announced in the Budget 2018 with the rise of the duty for high-value property transactions.

The bulk of residential properties in Singapore that cost over a million dollars are private apartments or houses, owned largely by higher-income locals or foreigners.

- Advertisement 2-

The budget announcement caused a slump of several real-estate stocks.

Local builders, whose shares had climbed earlier this year, were among the country’s worst-performing stocks as trading closed.Follow us on Social Media

Send in your scoops to news@theindependent.sg 

- Advertisement -

Read More

Healing the Divide’s Iris Koh now in SGH, hit with more serious charge of criminal conspiracy to lie to MOH

Singapore – Iris Koh,  co-founder of controversial anti-vaccine group Healing the Divide, had her the charge against her last Sunday upgraded on Friday (Jan 28) to the more serious one of criminal conspiracy to lie to the Ministry of...

Stories you might’ve missed, Jan 28

It’s not just OCBC and Singapore, scammers are ripping off people across Asia Photo: screengrab/ BDO Unibank Inc Singapore —  The phishing scams that burst into...

17 months jail for maid who shot and shared TIkTok video of herself bathing old man

Singapore – A domestic worker in Singapore was sentenced to 17 months' jail on Thursday (Jan 27) after she admitted recording and sharing online...

Family of otters no match for lone monitor lizards’ powerful tail whacking as they try to steal a fish

Singapore – A glimpse of nature at work was caught on camera as a family of otters tried to steal a fish from a...

Coffee & tea price increase at Geylang East Food Centre

Dear Editor, I refer to the attached picture taken from a stall at Geylang East Food Centre, 117 Aljunied Ave 2 when the 'GST hike'...

Healing the Divide’s Iris Koh now in SGH, hit with more serious charge of criminal conspiracy to lie to MOH

Singapore – Iris Koh,  co-founder of controversial anti-vaccine group Healing the Divide, had her the charge against her last...

Stories you might’ve missed, Jan 28

It’s not just OCBC and Singapore, scammers are ripping off people across Asia Photo: screengrab/ BDO Unibank Inc Singapore —  The...

17 months jail for maid who shot and shared TIkTok video of herself bathing old man

Singapore – A domestic worker in Singapore was sentenced to 17 months' jail on Thursday (Jan 27) after she...

Family of otters no match for lone monitor lizards’ powerful tail whacking as they try to steal a fish

Singapore – A glimpse of nature at work was caught on camera as a family of otters tried to...
Follow us on Social Media

Send in your scoops to news@theindependent.sg