reporter2
09-02-12, 14:58
http://www.businesstimes.com.sg/sub/suite/story/0,4574,477071,00.html?
Published February 9, 2012
What's hot and what's not in the market
Property bosses give their take at the S'pore Property Analytics Conference
By MICHELLE TAN
EVERYONE was all ears when the top guns of the real estate arena were asked at the inaugural Singapore Property Analytics Conference 2012 (Sing Pac): Would you buy property in current conditions? And if so, where?
Some were open to buying properties in prime districts. Others were willing to forsake property for other investments - such as bonds, equity, and even the inevitably depreciative sports car.
The CEO most unfazed by the current uncertainty and most open to buying property was HSR's CEO Patrick Liew, who felt that ignoring the herd mentality could potentially yield the best investments.
The property veteran pointed out that Sembawang-based properties have been criticised as prices there have not appreciated relative to other parts of Singapore.
But he said that investors should not be afraid to invest their funds there as the area is primed to be a 'switching centre' between Singapore and Johor Bahru once the two MRT lines that will cut through the town are completed in the future.
HSR CEO Patrick Liew believes many of S'pore's dilapidated properties could evolve into worthy investments.
In addition, despite the thousands that are flocking towards new launches, Mr Liew believes that many of Singapore's dilapidated properties could actually evolve into worthy investments if a buyer takes the effort to refurbish its interior and exterior tastefully.
'Sometimes when we look at property, let's take a contrarian approach. When people turn left, it may be good to turn right . . . it is the people who think differently and don't do things people want to do that succeed and do well in this business,' shared Mr Liew.
In terms of areas, the usual prime districts of 9, 10, and 11 were favoured by the CEO of DWG, Dennis Wee, while Sentosa was described as an 'exciting' proposition by PropNex's CEO, Mohamed Ismail, due to weaker take-up by foreigners following the latest cooling measures.
On the public housing front, Mr Ismail feels HDB owners should sell their flats now to capitalise on the run-up in prices and make a switch to executive condominiums (ECs).
Unlike the prices of HDB units which are expected to soften by about 3 per cent this year, Mr Ismail thinks that ECs - at an average per square foot cost of $700 - have greater resilience to downside in the times ahead.
On the other side of the coin, C&H's CEO Albert Lu offered an entirely different take on whether or not to buy property.
Saying that he would rather ignore the low interest rates and stash his spare cash in the bank for now, Mr Lu feels that the investment prime for the asset class has passed.
'There's always the property cycle. I will wait for the next cycle, when the euro crisis escalates and everybody starts selling,' noted the boss of C&H.
Published February 9, 2012
What's hot and what's not in the market
Property bosses give their take at the S'pore Property Analytics Conference
By MICHELLE TAN
EVERYONE was all ears when the top guns of the real estate arena were asked at the inaugural Singapore Property Analytics Conference 2012 (Sing Pac): Would you buy property in current conditions? And if so, where?
Some were open to buying properties in prime districts. Others were willing to forsake property for other investments - such as bonds, equity, and even the inevitably depreciative sports car.
The CEO most unfazed by the current uncertainty and most open to buying property was HSR's CEO Patrick Liew, who felt that ignoring the herd mentality could potentially yield the best investments.
The property veteran pointed out that Sembawang-based properties have been criticised as prices there have not appreciated relative to other parts of Singapore.
But he said that investors should not be afraid to invest their funds there as the area is primed to be a 'switching centre' between Singapore and Johor Bahru once the two MRT lines that will cut through the town are completed in the future.
HSR CEO Patrick Liew believes many of S'pore's dilapidated properties could evolve into worthy investments.
In addition, despite the thousands that are flocking towards new launches, Mr Liew believes that many of Singapore's dilapidated properties could actually evolve into worthy investments if a buyer takes the effort to refurbish its interior and exterior tastefully.
'Sometimes when we look at property, let's take a contrarian approach. When people turn left, it may be good to turn right . . . it is the people who think differently and don't do things people want to do that succeed and do well in this business,' shared Mr Liew.
In terms of areas, the usual prime districts of 9, 10, and 11 were favoured by the CEO of DWG, Dennis Wee, while Sentosa was described as an 'exciting' proposition by PropNex's CEO, Mohamed Ismail, due to weaker take-up by foreigners following the latest cooling measures.
On the public housing front, Mr Ismail feels HDB owners should sell their flats now to capitalise on the run-up in prices and make a switch to executive condominiums (ECs).
Unlike the prices of HDB units which are expected to soften by about 3 per cent this year, Mr Ismail thinks that ECs - at an average per square foot cost of $700 - have greater resilience to downside in the times ahead.
On the other side of the coin, C&H's CEO Albert Lu offered an entirely different take on whether or not to buy property.
Saying that he would rather ignore the low interest rates and stash his spare cash in the bank for now, Mr Lu feels that the investment prime for the asset class has passed.
'There's always the property cycle. I will wait for the next cycle, when the euro crisis escalates and everybody starts selling,' noted the boss of C&H.