In the early stages of the 2020 global pandemic, Singapore was hailed as an exemplar of how to limit transmission of the novel coronavirus. The story changed rapidly to the country enduring the highest Covid-19 caseload in Southeast Asia, with efforts to contain it savaging the region’s most progressive economy, its property sector not the least.
April saw only 277 private new homes sold — 293 including executive condominiums — the worst showing for the residential market since December 2014 when the industry was girdled with property curbs.
Only 2,553 private new homes were sold in the first four months of 2020, and the month of May — the apex of Singapore’s “circuit-breaker” lockdown restrictions — was considered to be “a write-off” for primary sales.
“No segment of industry or society can be said to be totally unaffected, impervious or untouched by the pandemic,” says Leonard Tay, head of research for Knight Frank Singapore, adding “the residential real estate market is expected to go through a challenging time in the next year or so.”
Headwinds were already gusty leading to the virus, with Singapore wedged between the US-China trade war. “The economy slowed down in the second half of 2019 due to weak global growth, leading to contraction in manufacturing, particularly the electronics cluster,” says Han Huan Mei, research director of List Sotheby’s International Realty.
“Sentiments towards real estate were cautious and buyers became more selective, leading to a decline in sales volume since Q3 2019.”
هذه القصة مأخوذة من طبعة August - September 2020 من Property Report.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة August - September 2020 من Property Report.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Singapore Starts To Swings
Generous stimulus has saved the Lion City’s economy from disaster, and a percolating post-pandemic boom looks set to send the residential sector into overdrive
Natural Highs
With people seeking safe ways of re-engaging with the outside world, the pandemic has steered investment in key ski markets back on-piste
It's In Hua Hin
A long-time favorite of Thai royalty and weekenders travelling from Bangkok, the famous beach town is adding some alluring new strings to its bow
Blues In The Blood
As China’s cities explode, its built heritage is often neglected. Hangzhou-based Bluetown Architects aims to redress that balance through its striking but functional work
Little Joy Soldiers
Real estate sales offices are reopening in Yangon, but banking problems, low confidence and oversupply mean a bleak outlook as the army seeks to entrench rule
Youth Movement
Young members of a storied family shift property development in Cebu forward with a smart, green commercial tower, rising tall above an heirloom estate
Gift From Above
Source Global is tapping into a renewable source— the sky—to supply drinking water to residential communities and commercial properties in Asia
Proptech Is Enhancing Efficiency And Human Experience
The pandemic has forced the real estate industry into a more meaningful embrace with technology after years of flirting with innovation
Legacy Of Handy, Individualistic Inventions
The global crisis has caused unprecedented pain, but its extraordinary nature has seen it spawn a legacy of handy, individualistic inventions
Wave Of Mutilation
Lockdown disruption, evolving working conditions and an exodus by offshore gaming operators have sent the vital office space sector in the Philippines into freefall