|
Singapore property developers still bullish on housing demand
Real estate news By Thomson Financial
09.25.07, 4:31 AM ET
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.
Send tips or a Letter to the Editor to editor@updatere.com
|
