Bearish news for Singapore property

Thanks to Bernard’s post that led me to the below article.

Singapore developers bunker down:

“This is the start of a multi-year price correction. Private residential property prices could easily fall by up to 30 per cent by 2010,” says Barclays Capital economist Leong Wai Ho.

Credit Suisse in a report this month saw rents and property prices falling even more steeply by as much as 40 per cent, and downgraded its investment recommendation for the sector to “underweight”.

Leong said an impending oversupply will worsen the problem, with 66,000 new homes expected to be completed over the next four years, against forecast demand for 50,000 in the same period.

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