{"id":9003,"date":"2020-08-13T17:24:17","date_gmt":"2020-08-13T10:24:17","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=9003"},"modified":"2021-06-04T15:07:24","modified_gmt":"2021-06-04T08:07:24","slug":"after-a-gloomy-first-quarter-singapores-property-market-makes-a-comeback","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/after-a-gloomy-first-quarter-singapores-property-market-makes-a-comeback\/","title":{"rendered":"After a gloomy first quarter, Singapore\u2019s property market makes a comeback"},"content":{"rendered":"

As the nation\u00a0<\/span><\/span>eased its ci<\/span>rc<\/span>uit breaker measures<\/span><\/span>, the market\u00a0<\/span><\/span>started to gradually <\/span>recover<\/span><\/span><\/p>\n

\"\"
Singapore city highway with the cityscape in the background. AvigatorFortuner\/Shutterstock<\/figcaption><\/figure>\n

Since<\/span>\u00a0the<\/span> Singaporean authorities implemented circuit breaker m<\/span>easures\u00a0<\/span>to control the spread of infection<\/span>,<\/span>\u00a0the nation\u2019s economy was put on hold,\u00a0<\/span>disrupting<\/span>\u00a0<\/span>real estate\u00a0<\/span>activity\u00a0<\/span>for the past\u00a0<\/span>quarter<\/span>.<\/span> \u00a0<\/span><\/p>\n

Fortunately i<\/span>n June,\u00a0<\/span>when the pandemic situation improved, the authorities\u00a0<\/span>decided\u00a0<\/span>to ease the said measures<\/span> so show flats<\/span>\u00a0were finally allowed to reopen, which was met positively by consumers due to pent up demand.<\/span>\u00a0<\/span><\/p>\n

According to<\/span>\u00a0the\u00a0<\/span>PropertyGuru Singapore Property Market Index Report Q3 2020<\/span><\/a>,\u00a0<\/span>the\u00a0<\/span>price index for\u00a0<\/span>non-landed private residences in\u00a0<\/span>t<\/span>he second quarter of the year grew by 2.15 percent to 111.9 points<\/span> compared to 109.6 points in the previous quarter<\/span>.<\/span>\u00a0<\/span><\/p>\n

The report found that the sales for newly-launched condominiums <\/span>was relatively higher than the usual and they believed that this\u00a0<\/span>may\u00a0<\/span>have\u00a0<\/span>helped boost the price index.<\/span> This is because most investors preferred newly-launched condos over resale<\/span> since they feel that between 2022 to 2023, <\/span>when most of the newly-launched condos are expected to be completed,<\/span>\u00a0the pandemic <\/span>situation\u00a0<\/span>w<\/span>ould\u00a0<\/span>be contained<\/span> and the global economy would recover.<\/span>\u00a0<\/span><\/p>\n

More: Private residential market in Singapore to strongly recover from economic downturn<\/strong><\/a><\/p>\n

Moreover, data published by the Urban Redevelopment Authority<\/span>\u00a0(URA)<\/span> aligns with the<\/span>\u00a0property market<\/span>\u00a0<\/span>trends\u00a0<\/span>that\u00a0<\/span>PropertyGuru Singapore\u00a0<\/span>is seeing.<\/span> URA found\u00a0<\/span>a 0.3 percent price growth for private residences even though initial market outlook estimated <\/span>a 1.1 percent drop in property price index.<\/span>\u00a0<\/span><\/p>\n

As for the\u00a0<\/span>Supply Index<\/span>,<\/span>\u00a0PropertyGuru\u00a0<\/span>re<\/span>veal<\/span>ed a record 46.39 percent surge,<\/span>\u00a0<\/span>compelled\u00a0<\/span>by sellers in the resale market who\u00a0<\/span>we<\/span>re willing\u00a0<\/span>to\u00a0<\/span>let go of their properties<\/span>.<\/span>\u00a0<\/span><\/p>\n

\u201cThe rebound in prices broadly signifies that the government\u2019s temporary relief measures have done their job in shoring up consumer confidence and prevented a panic selling situation from developing in the property market,\u201d said Dr Tan Tee Khoon, the country manager of PropertyGuru Singapore.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

With th<\/span>e progress that<\/span>\u00a0Singapore\u2019s real estate market<\/span>\u00a0is currently going through<\/span>,<\/span>\u00a0<\/span>developers can expect a brighter future from what was a bleak outlook<\/span>\u00a0just<\/span>\u00a0a few months back.<\/span> And if history is any indication, the nation will get back up and running \u2013 and eventually thriving \u2014 in no time.<\/span><\/p>\n

More: Singapore\u2019s real estate history: thriving since the 60s<\/strong><\/a><\/p>\n

Suffice to say, winners of the 9th PropertyGuru Asia Property Awards (Singapore), <\/span>namely <\/span>UOL Group Limited, Kheng Leong Company,\u00a0Oxley Holdings<\/span>,\u00a0TSKY Balmoral,\u00a0Aurum Land,\u00a0Sing-Haiyi Gold<\/span>,\u00a0Qingjian Realty (Marymount),\u00a0UIC Limited,\u00a0Chong Kuo Development<\/span>\u00a0and other<\/span>\u00a0<\/span>recipients\u00a0<\/span>of\u00a0<\/span>residential-<\/span>related accolades<\/span>\u00a0will\u00a0<\/span>definitely\u00a0<\/span>have something to look forward to as the local economy recoups.<\/span><\/p>\n

Interested to know which developers will receive our prestigious awards this year? W<\/span><\/i>inners of the\u00a0<\/span><\/i>upcoming\u00a0<\/span><\/i>10th Asia Property Awards (Singapore)\u00a0<\/span><\/i>will be\u00a0<\/span><\/i>announced on 2 October 2020<\/span><\/i>\u00a0via a virtual gala dinner<\/span><\/i>.<\/span><\/i> To view the live stream<\/span><\/i>, v<\/span><\/i>isit\u00a0<\/span><\/i>asiapropertyawards.com\/en\/award\/asia-property-awards-singapore\/<\/span><\/a>.<\/span><\/i>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

As the nation\u00a0eased its circuit breaker measures, the market\u00a0started to gradually recover<\/p>\n","protected":false},"author":9,"featured_media":20685,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[101,92],"tags":[528,831,512,110],"class_list":["post-9003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-property-awards","category-news","tag-market-update","tag-price-index","tag-residential","tag-singapore","news_country-singapore","news_author-gynen-kyra-toriano"],"acf":[],"yoast_head":"\nAfter a gloomy first quarter, Singapore\u2019s property market makes a comeback | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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