SINGAPORE - Singapore's property developers are still bullish, with strong housing demand likely intact through
next year given the prevailing shortage of housing units in the city-state, Simon Cheong, president of the Real Estate Developers Association of Singapore (REDAS) said Tuesday.
'In the residential market, there is a shortage... We are still fairly bullish,' Cheong, who is also chairman and CEO of property developer SC Global Developments Ltd, told reporters.
Cheong said various projects that support Singapore's aim to become a global city is supporting
demand for real estate.
Singapore is developing two integrated resorts with casinos and at the same time will start hosting Formula One Grand Prix races from September next year.
'Singapore is well positioned to be a global city,' Cheong said.
While demand for residential properties have so far been concentrated on the high-end
segment, with prime residential condominiums in and around the Orchard Road shopping district
selling at record prices, demand has slowly been trickling down into the lower end segment of the property market.
'The mass market has not been very active. It has to play catch up,' said Chia Ngiang Hong, general manager of City Developments Ltd.
'We expect mass market prices to rise at double digit rate in the next 12 months,' Chia said.
REDAS' Cheong said there should be enough demand for properties when condominiums that are being constructed are completed in the next one to two years. He also believes the increasing number of residential sites being released by the government for development will not lead to an oversupply in the housing market.
'The supply should be taken up,' he said.
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