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Singapore private residential market may be stabilising: Redas president

Fresh property news selection on January 31. 2020, Friday.

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The private residential market in Singapore appears to be stabilising in line with economic fundamentals, said Chia Ngiang Hong, president of the Real Estate Developers’ Association of Singapore (Redas).

"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," Mr Chia said at the Redas Spring Festival lunch on Friday at Orchard Hotel.

However, new home sales performance has been uneven across different projects and segments, and property developers' concerns over the upcoming supply and build-up of unsold inventory remain, he added.

Redas is "reassured" that the Singapore government will act where and when needed to maintain a stable and sustainable property market, Mr Chia said.

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