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  • CBRE Comments: URA Statistics Q2 2017

CBRE Comments: URA Statistics Q2 2017

Singapore | July 28, 2017
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Desmond Sim, Head, CBRE Research, Singapore and South East Asia:

Residential – Q2 2017

“The market has achieved another data point of a minute price correction, which further reinforces the point that the trough of the market is here. Take-up of new homes for the past two quarters has exceeded launches - a good sign for unsold inventory, which was pushed down further to 15,085 units.

Sales volume in the resale market has also risen to levels last seen in 2012, once again underscoring the trough in the market. Buyers are beginning to see value and making the decision to purchase for fear of catching the wrong side of market growth.

The Rest of Central Region (RCR) saw a marginal increase in the price index for the second quarter, however, we maintain that the movements are strongly dependent on the location of launches during the period.

Among top selling projects in the RCR for the quarter, there was strong performance led by projects such as Commonwealth Towers, Artra and Principal Garden where buyers could have been encouraged by a strong value proposition.

Office

Central region rents seem to be approaching a trough too, with the pace of rental correction having slowed in the second quarter. CBRE’s basket of rents indicate that average office rents has likely reached the bottom after stabilising in Q2 2017.

The market awaits the full completion of Marina One that would affect vacancy rates further based on current pre-commitment levels.

Retail

Not surprisingly, retail space continues to be under pressure and vacancy rates are expected to rise further. Retailers are grappling with lacklustre retail sales and are still undergoing consolidations. At the same time, they will continue to be affected by disruptors including e-commerce, such as the recently launched Amazon Prime Now. Still, retail space supply will taper off significantly post-2018, which will help allow the market to equalise.” 

Disclaimer:

Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.

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Geraldine Cheong
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