Some analysts are feeling that Singapore’s private residential sector will be an interesting area to watch as we move into the New Year. While transaction volume may have shown a decline along with a continued softening of prices, many affluent individual investors and buyers will be keeping a close watch for opportunities considered to be of good value, more so in the luxury property segment.
Property Outlook for Symphony Suites
Terence Tang, the Managing Director for Colliers International, has stated that with the expectation of asking prices for Symphony Suites become more practical in 2015, something that will lessen the gap between sellers and buyers, we could see a marked improvement in residential volume, notably in the luxury sector. Compared to 2014, which has been dubbed a lacklustre year for the market, we could see a bit more momentum to come in the New Year.
Tang further adds that Singapore will be seeing some alluring development sites taking place in the 2015 market which should create an increase in the activity of the capital market. He further suggests that a rise in international investors is more likely, notably private equity groups coming from European and North Asian pension funding.
Research for Property Market Symphony Suites
Orange Tee Research and Consultancy has said that due to a number of unsold units in developments such as Symphony Suites that have already been launched, buyers should also see purchasing opportunities coming through relaunches for 2015. It is more likely that developers who have projects with these unsold units will more than likely be more willing to offer buyers attractive incentives to get sales moving, especially those developers who are facing Qualifying Certificate fees. Buyers should pay close attention to these project relaunches for bargains that they would not find on the market normally.
Many still looking at Properties such as Symphony Suites Yishun
DTZ Research has suggested that 2015’s first half is looking to be an exceptional time for seeking prime properties in excellent locales including Symphony Suites Yishun because they will show better appreciation of their value in the long term than the rest.
Ong Choon Fan, the CEO of DTZ Research has stated that buyers will still need to take a perspective that is mid to longer term, making sure that they are able to hold onto their investment while riding through this cycle.
Symphony Suites are not like stocks, rather they are incongruous with every property being different. This is more so for those properties which are landed in areas of Singapore where land is scarce but a continuous growth in population is expected. This is even more so for anyone purchasing for owner-occupation.
EL Development Symphony Suites
Looking at 2015’s predicted sales volume or new homes, Head of CBRE Research for South East Asia, Desmond Sim, is expecting somewhere between 7,500 and 8,000 units due to buyer’s access to funding still being affected by the continued TDSR. The groups has a view that developers will be prepared to hold their prices if buyers for Symphony Suites Yishun are more able to service their loans and the fundamentals of economics is seen to remain healthy.
It’s also been predicted that 2015 will see an increase in mortgage sale properties. There is an expectation for the amount of properties to be placed on the market for sale to rise due to a continuation of sellers facing hardships when trying to offload their properties in the resale market.
Yishun Symphony Suites
Annie Chan, the Director of Auction and Sales for Colliers International, has stated that unless we see a relaxation on the curbs that the government has brought into the property market, it is more than likely that 2015 will see a continued trend of the amount of properties being put up for mortgagee sales hit 200.
It is believed that making up the majority of next year’s mortgagee listings will be residential properties with total mortgage sales hitting around 70% to 80%.
Chan further points out that this comes on the heels of the expectation of residential properties being completed by 2018. Of this figure 20,824 units, or 26.6% are set to be completed next year. In consideration of impending increases for interest rates, along with the challenge of trying to rent out their units while more units are coming in, owners who have multiple properties could very well experience a further hit to their funds.
Something else that we may start to see are mortgagee sales for high value properties increasing for the prime districts 1, 4, 9 and 10, due to these challenging conditions in the market. Chan further adds that Singapore’s total sale value for 2015’s auction market may very well come in at around $70 to $80 million, as a result of the continuation of the effects that the government regulations are having, the opportunistic view of buyers, and a lower number of high value sales.