Housing market in the Year of the Tiger: A roar or a whimper?

Housing market in the Year of the Tiger: A roar or a whimper?

EdgeProp Singapore

January 27, 2022

SINGAPORE (EDGEPROP) - The Year of the Ox was a bullish one for the property market, and is expected to end with an estimated 13,118 new homes sold. Even as Covid disrupted lives, it did not put a dent on Singapore property prices, which soared 13.8% from 2Q2020 to 4Q2021. In 4Q2021 alone, overall private home prices rose 5%, with the overall price growth for the full year rounding out at about 10.6%.

The end of 2021 saw the introduction of property cooling measures — the government-prescribed remedy for a frothy property market. It was imposed at close to midnight on Dec 15, casting a pall on the prospects for the Year of the Tiger.

The first new project launched in 2022 ahead of the Lunar New Year was the 107-unit strata landed development, Belgravia Ace. It proved to be a good omen, with 77 out of 85 units released taken up, translating to a sale rate of over 90%. Of the 77 units, 75 were strata semi-detached houses sold at prices from $4.3 million to $4.6 million, and two were terraced houses sold at above $4 million.

“The strong sales at Belgravia Ace gave a boost to market sentiment,” notes Lee Sze Teck, Huttons Asia senior director of research. “It shows that there’s still a desire for bigger homes among Singaporean buyers.” Many were multi-generational families which were buying with the intention of moving in together, he adds.

Read more at: https://www.edgeprop.sg/property-new...oar-or-whimper