As published on local newspaper (My Paper Friday 4 Apr 08), property tycoon Mr Kwek Leng Beng (Singapore's 5th richest - 23 Aug 07 [http://www.forbes.com/2007/08/23/biz-cz_07singapore_Singapores-40-Richest_land.html]) shared, "the uncertainty surrounding the local property market will last at least another six months and stake holders must stay nimble to deal with the changing tides".
He mentioned that the standstill in the local property market would end only after the United States sub-prime crisis clears. Any restoration of confidence in the property market will also hinge on private and public stakeholders remaining nimble and reviewingtheir strategies to meet changing market conditions swiftly.
In another report, Property Fever Here Starting to Cool, it was reported that bids for land has dropped in numbers of bidders and price offered. In recent land tender, the residential site bordering Choa Chu Kang Road and Woodlands Road attracted just two bids. The highest offer being $61 million, which works out to just $162 psf per plot ratio.
The low point came last month when just $78 psf was offered for land in Westwood Avenue, which was rejected by the Urban Redevelopment Authority.
The property market boom between August to November 2007 lead to a massive inflation of property prices. Property prices raised by percentages not seen before within such short span of time. The property market started to cooled off in December 2007 and January 2008 onwards saw a complete slow down in property deals.
My take would be, hold onto buying till after mid 2008. At that point, the dust would have settled a little more, but not clear yet.
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