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Thread: So what does Mr Kwek Leng Beng thinks?

  1. #1
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    Default So what does Mr Kwek Leng Beng thinks?

    Saturday, August 13, 2011
    So what does Mr Kwek Leng Beng thinks?
    Kwek Leng Beng, executive chairman of major property player City Development, has a thing or two to say about price trends in the Singapore market.


    Over the next six months, he said, developers may adjust downwards launch prices of private housing projects that are not located near MRT stations by about 5% if they wish to move units, amid greater buyer caution.

    However, developers of projects that are well located, close to MRT stations, should be able to hold prices or even marginally increase them by 1 – 3 %, he said.

    “I believe the market will not crash unless of course the worldwide scenario is so bad…”

    Besides how acutely the economic situation in the US and Europe pans out and its impact on Singapore, price movements for private homes will also depend on local competition. “If in the vicinity, there are three or four developers selling at the same price, you will definitely have to consider reducing the price if you want to get out earlier.”

    Asked about the impact of a potential recession here triggered by events in the US and Europe on Singapore condo prices, Mr Kwek said: “I do not believe that it will impact a lot unless interest rates go through the roof… At the moment, the market is full of liquidity, interest rates are so low, and there is a lack of alternative investments.”

    He also said he does not envisage an oversupply in 2013-2014 as predicted by some analysts, as “I don’t think (the government) will come up with new measures to destabilise the market” given the uncertain environment, following Standard & Poor’s downgrade of US credit rating and the worsening of Europe’s sovereign debt crisis.

    “I think the government is more concerned about public housing and the new (National Development) Minister has taken positive action,” Mr Kwek added.

    He said global cooperation among governments as seen during the Lehman debacle can once again help to stabilise markets – although “this time I believe it will take a little bit longer … it is a little bit harder”.

    “Everything is overblown. That is human nature. Just like property, the higher property prices go up, the more you want to buy, I guarantee you. The lower it goes, the more scared you are,” he quipped.

    Source: The Business Times
    Last edited by land118; 14-08-11 at 14:14.

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    Words of wisdom from CDL's chief..., probably that's what CDL going to do....

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    Seem like property near MRT is safer to keep in bad times...

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    They are going to launch their Bishan project soon so he has to defend those plots near MRT...

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    Juz back from NV residences. Next plot seems to be ready for launch in few mths time. NV is almost fully sold. Livia is nicely done up. No way for market to crash there, as e new plots will be sold at higher prices by CDL. Prob e best property to buy there is a coffeeshop.

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    Quote Originally Posted by land118
    Seem like property near MRT is safer to keep in bad times...
    This is the prime card to raise or maintain rental rate in. good or downtime respectively.

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