The measures, announced last week, are expected to take the wind out of the sails of the residential collective sale market, analysts said previously.
“In general, the committees we are working with were surprised by this new set of cooling measures, despite the fact that the grim prospect has been hanging over everyone’s head for the last month or so," the firm told CNA. "Our current asking prices are still pretty much at pre-COVID market levels as these were fixed in 2019," said the firm, adding that they"have not factored in the recent market run-up as yet".
Coupled with the higher risks for residential development, some attention could be directed towards the commercial and industrial markets, said analysts. Developers will be pickier about their residential land purchases, said Professor Sing Tien Foo from the National University of Singapore’s Institute of Real Estate and Urban Studies.
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