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Prices fell for the 12th straight quarter, the longest streak of quarterly losses since prices were first published in 1975, according to preliminary data from the Urban Redevelopment Authority Monday. The head of Singapores central bank, Ravi Menon, said last month that the city-state doesnt plan to ease property curbs anytime soon, even as home prices have fallen 11 percent from a peak in September 2013 and sales have halved. Thats increasing the pressure on developers to offer discounts, payment programs and other incentives to stoke sales. The haemorrhage continues for home prices, said Nicholas Mak, an executive director at SLP International Property Consultants in Singapore. The prices could be taking into account the delayed discounts offered in creative marketing by developers, which could be coming in with a lag. For example, developer OUE Ltd. offers four payment plans for its Twin Peaks condominium project off the prime Orchard Road shopping belt. The most popular of those is the deferred payment program where the home buyer pays a small amount upfront and the rest over the next two years, according to its website. High Vacancies The existing stock of unsold homes may take three years to sell, according to Augustine Tan, President of the Real Estate Developers Association of Singapore. In addition to the oversupply, home vacancy rates are at their highest in more than 11 years, Tan said last month.
For original news source, visit http://www.bloomberg.com/news/articles/2016-10-03/singapore-home-prices-have-biggest-drop-in-more-than-seven-years
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From chilli-spiked crab, to fragrant laksa, rending and biryani, Singapore is a mouthwatering feast of flavours. Nathan was declared president without an election when he was certified as the only candidate eligible to ladder in 1999 elections. Beyond the malls is a scene that’s deliciously eclectic and increasingly idiosyncratic: hunt down Chinese medicines, dusty antiques or local art in heritage Chinatown chophouses; bag bespoke fragrances to the Islamic call to prayer in Kampong Guam ; or pick up local frocks, baling and books in the Deco buildings of Ting Bahru. There’s a deepening self-confidence and it’s driving everything, from Singapore’s striking new hotels to its modern menus and expertly curated cocktails. Even after countless sojourns, Asia ‘s little red dot never fails to make me swoon. Or just stay central and escape to Singapore’s soothing Botanic Gardens. Singapore, boring?
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