In March, developers in Singapore sold 2,793 housing units, more than 3 times the 712 units sold in February. Going by news reports in Singapore, it seems that I’m the only one not surprised by the figure.
For the life of me, I do not understand why. I mean just a few weeks ago, a mansion along Nassim Road that includes a two-story home, swimming pool and tennis court, was put on the market for a record $242 million. Now the seller might not get that price but it is an indication how bullish people are about the property market in Singapore.
On this, I can fully understand why. Despite all the talk of cooling measures, property prices in Singapore has not gone down. In fact, it has been slowly but steady rising.Prices are up, and they are steadily going higher! This despite all this talk of property cooling measures! What do you do in a market whose chart is on a steady upwards climb? You buy.
If you are a buyer looking at this market, this is the thing you are looking at. That is why I'm not surprised that Singapore’s March home sales rose to a new record high. And that's why despite all the talk of cooling measures, the market will still be hot for the near future.