UP AND UP, ... According to Ong Kah Seng, Director at R'ST Research, the cautious economic sentiment has led to a rise in expatriates not seeing employment contract terms renewed upon expiry, leading to a growth in vacant stock. Meanwhile, it appears as though a significant number of these units are in the mid- and high-end sectors and are located in prime areas. Agents who operate in these areas suggest higher asking prices are directly proportionate to the number of empty properties. "Affordability is like a pyramid. The more affordable it is, the higher the demand. At the top end of the market, the number of people who can afford such properties will significantly reduce," said Getty Goh, Director of Ascendant Assets Pte Ltd. A glance at listings on PropertyGuru can provide some insight. Developments such as Helios Residences, Grange Infinite, Aalto and The Marq boast a number of units for sale at well above the average price point and providing more evidence of the number of vacant units at the top end of the market.
UP AND UP, ... According to Ong Kah Seng, Director at R'ST Research, the cautious economic sentiment has led to a rise in expatriates not seeing employment contract terms renewed upon expiry, leading to a growth in vacant stock.
ReplyDeleteMeanwhile, it appears as though a significant number of these units are in the mid- and high-end sectors and are located in prime areas. Agents who operate in these areas suggest higher asking prices are directly proportionate to the number of empty properties.
"Affordability is like a pyramid. The more affordable it is, the higher the demand. At the top end of the market, the number of people who can afford such properties will significantly reduce," said Getty Goh, Director of Ascendant Assets Pte Ltd.
A glance at listings on PropertyGuru can provide some insight. Developments such as Helios Residences, Grange Infinite, Aalto and The Marq boast a number of units for sale at well above the average price point and providing more evidence of the number of vacant units at the top end of the market.