Singapore property developers cautious about market outlook

SINGAPORE : Property developers seem pessimistic about the outlook for Singapore's real estate market in 2012, with some analysts foreseeing a five to ten percent drop in property prices this year.

But market watchers also say the strong interest in recent property launches could defy these forecasts and even lead to more cooling measures.

Celebrations continue but property developers are still in the dark about the outlook for Singapore's property market in 2012.

Mr Wong Heang Fine, President, Real Estate Developer's Association of Singapore, said: "We are cautious. On the market going forward, it all depends on how the global economy goes in the next eleven months. So it's really anybody's guess."

URA data shows the rate of price increase for private residential properties moderating for the ninth consecutive quarter with rentals also tapering off. 

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Source : MediaCorp Pte Ltd by Yvonne Chan