Based on the latest report from some property agencies in Singapore, the Republic’s home prices dropped at a faster pace in October 2013, reversing a series of gains previously. The drop in prices reflects the government’s efforts in stamping on speculation due to an increase in discontentment among its citizens.
The Singapore Residential Price Index, a widely recognized general indicator to measure the property prices in Singapore, fell to 159.1 points. It fell 0.9 percent from its previous value in September.
Record home prices in the city state fueled by the low interest rate environment as well as the inflow of capital into the city state has caused the local property price to increase an an alarming rate in the past couple of years. Despite the stronger Singapore Dollar, it does not deter foreign investors from investing in its real estate market. Singapore is known to have a stable investment environment and real estate investors are particularly interest in sengkang west way condo such as riverbank new launch.
Not only the city state has experienced a surge in property prices. Hongkong is also another city where sky high property prices has prompt the government to step in to control its prices. The government has increased the minimum downpayment six times in 3 years and has doubled the stamp duty taxes on properties over HK$2 million.
Riverbank New Launch
The recent government cooling measure s has caused the city state’s home sales to fell 19 percent in October as well to 1,009 units from a month earlier. Particularly, investors locally has been extremely sensitive to prices of new launch home. Condominiums of slightly higher prices tend to have more lukewarm sales. Riverbank new launch at Sengkang West Way might see better sales as the launch price of the development is highly competitive.