News: Private residential market to remain stable, Redas

Feb 3, 2020

Redas president believes that the government will act where and when necessary to keep a stable and sustainable property market.

Despite the uneven new home sales performance across different projects and segments, Real Estate Developers’ Association of Singapore (Redas) president Chia Ngiang Hong expects the private residential market to remain stable in line with economic fundamentals, reported The Business Times.

“In the beginning of the year, most analysts expect new home sales for the year 2020 to remain resilient and roughly match 2019’s level. Prices of new homes are not expected to change much,” explained Chia.

This is notwithstanding the remaining concern of property developers over the future supply and build-up of unsold inventory.

Chia is positive that the government will act where and when necessary to keep a stable and sustainable property market.

In fact, the very strong “growth in fixed asset investments and foreign direct investments in 2019 despite strong headwinds is testament to this. Our monetary and fiscal systems are well managed and sound”, he said.

He also believes that the economic fundamentals of the city-state remain sound, with Singapore continuing to attract talent, businesses, global capital and investments.

Chia noted that “opportunities abound for us to work with our government and city planners to further develop, transform and modernise Singapore”.

Under the Urban Redevelopment Authority’s (URA) Master Plan 2019, for instance, new decentralised growth centres beyond the Central Business District (CBD) are being developed. The central area is also being encouraged for redevelopment and rejuvenation via the CBD and Strategic Development Incentive Schemes.

Thus, “climate change, technological advancements, smart innovations and evolving needs and aspirations while disruptive will also present new opportunities for our real estate businesses”.

These factors, according to him, will help strengthen and support the economy’s growth while keeping the real estate businesses and the market stable and resilient, despite the present challenges in the macro-environment.

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg 

 

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