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Thursday, 20 August 2015

Down-grading as part of retirement planning can be a wild card!!!

With more residential projects set for completion in the coming quarters, property developers will need more time to clear their inventory of unsold units in previously launched developments, reported Singapore Business Review citing a Savills report.

Adopting the CCRs average monthly sales for the period of January to May 2015, and assuming there will be no further Government Land Sales (GLS), it will take about 12 years to clear the inventory of unsold units in projects under development now, said Savills.

It highlighted that the situation is even more serious for projects located away from the central region, since the GLS programme is generally focused on the OCR and RCR.

The time to clear the stock of present and future unsold units will be more than 12 years. Therefore, even if island-wide take-up rates double, it will take well over five years to sell down the inventory, the report stated.

While demand is expected to gather pace in the near future, this does not mean that the property market has returned to normal.

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