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|December 15,2009

Investors market as upgraders cool down

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URA’s figures for private property sales in November 2009 fell to a mere 600 transactions, the lowest since January this year.

“These are signs that mass market buyers are exercising greater caution,” says PropNex CEO Mohamed Ismail.

Due to the Government’s recent announcement of additional land to be released for development, pent-up demand from HDB upgraders, witnessed for the last two quarters, has evaporated.

Mr Ismail explains however, that serious investors can be seen to buy with confidence, picking up reasonably priced properties in good locations for $1500-$2500 like Parvis, The Marina Bay Suites and Espada.

“We expect same levels of transaction in the first quarter of 2010,” he concludes.

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