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  • CBRE Comments: July 2017 Home Sales

CBRE Comments: July 2017 Home Sales

Singapore | August 15, 2017
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Desmond Sim, Head, CBRE Research, Singapore and South East Asia:

July’s developer sales figures continue to indicate levels of market recovery in terms of sales volume, and come off the back of a marginal 0.1% q-o-q price decline in the property price index in Q2 2017.  New private home sales in the first seven months of this year (7,147 units) have already reached the 7,000 to 8,000 range of average annual new home sales in 2014 to 2016. That range had been identified as underlying demand and we are now seeing the possible swing of pent-up demand coming into the market. Likely, potential buyers have come to terms with the prevailing cooling measures, and recent information that a possible turn of the market in terms of pricing is here may have pushed pen to paper. It should be noted as well that this possible upturn is likely to be driven by land pricing, rather than supply and demand imbalance. 

At the same time, the executive condominium market has also seen strong take-up. This is not surprising as the premium between private residential and EC prices – the latter capped by a glass ceiling – has widened in light of recent land sales.

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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