Star property prices rebounded
In response to Singapore’s rebounding property prices and the increase in collective acquisitions, overseas developers are actively seeking investment opportunities. Centaline Property (Singapore) estimates that property prices are expected to record a 10% increase during the year.
Singapore’s property price index in 2017 rose by about 6.2% compared with 2016, with trading at the same time. Tan Yu-yin, public relations manager of Centaline Property (Singapore), pointed out that, looking back at last year’s sales figures, Singapore’s first-hand private property market sold 10,566 people, an increase of approximately 30% compared to 7,972 in 2016. As for the second-hand market record of 14,043, it also jumped 78% compared with 7,901 in 2016.
Collective acquisition of tidal funds reinvested in the property market
The collective sale is beneficial to the release of the purchasing power of the property market. There were 21 collective acquisitions in Singapore this year with a total amount of approximately S$7.1 billion (approximately HK$42.3 billion). The figures have been posted for 27 in 2017 and involved S$9.4 billion (approximately HK$56.1 billion). . Tan Xiaoyin pointed out that during the period of the last mass sale boom, between 2005 and 2007, there were over one hundred transactions projects at that time, and it is expected that the collective acquisition boom will continue and the funds will be reinvested in the property market.
In addition, a consortium of Longguang Real Estate (03380) and the Nanshan Group, which has a Chinese capital background, purchased Stirling Road large-scale urban land projects for about S$1 billion (approximately HK$6 billion). It reflects that overseas developers actively participate in the Singapore real estate market, further stimulating the atmosphere of the Singapore property market.
Xu Dawei, general manager of Singapore Centaline Property, said that in 2018 Singapore’s first-quarter private property prices rose 3.1% quarter-on-quarter, marking the largest single-quarter increase in nearly eight years. In the second and third quarters of the traditional peak season, the collective acquisition boom continued and it is expected that the annual property price increase will reach 10%.