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Cooling measures affecting local developers and local buyers

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The year of 2014 has seen Singapore developers venturing overseas to seek higher yields and returns. Research firm Real Capital Analytics (RCA) reported a three-fold increase of investment (US$2.32 billion) into overseas markets by companies such as City Developments and Keppel Land, in the nine months through September, compared to the same period a year before.
 
Based on the figures, Singapore emerged as the top Asian country in terms of overseas real estate investment. On the buying side, local property buyers for non-landed private housing have been dwindling since 2013. According to Nomura, Singaporeans accounted for 80 per cent of purchases in 2012 but figures have fallen since 2013 where only 76 per cent of the buyers were Singaporeans.
 
The percentage of Singapore buyers has fallen again in the first three quarters of this year to 73 per cent. Despite the substantial Additional Buyer Stamp Duty (ABSD) levy for foreigners, Nomura noted that purchases by Malaysians and Mainland Chinese are rising.
 
With the government not showing signs of reversing the cooling measures, Ms Sigrid Zialcita, Managing Director of Cushman & Wakefield predicts that the trend of developers investing in overseas properties will continue. 
 
The government is also responding to the subdued property market with its recent announcement on the first half 2015 Government Land Sales (GLS) Programme.
 
The Urban Redevelopment Authority (URA) announced on 4 December that the confirmed list for the H1 2015 GLS Programme will include land for 3,020 private residential units (including 490 EC units).
 
This is almost 30 per cent lower compared to the 3,915 private residential units (including 1,520 EC units) offered in the confirmed list for the H2 2014 GLS Programme. The reserve list for H1 2015 will yield about 5,750 private residential units and 265,000 sq m of commercial space compared to 6,305 private residential units and 193,280 sq m of commercial space in the H2 2014 reserve list. 
 
Taken from ST Property
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Guest Monday, 13 July 2020