SG Property: May new home sales fell 51% MoM to 1078 units, but were within expectations given the drop in new launches, rapid rise in prices and erosion in sentiment from ongoing macro uncertainty. Mid-segment projects continued to do well, supported by sales from the Minton (204 units at $849 psf), Casa Aerata (all 78 units at $1259 psf) and Cascadia (72 units at $1464 psf). Sales in the high-end segment slowed down somewhat, although prices remained firm.
SG Property: While risk of further govt tightening has eased near term, record incoming supply could cap residential prices. Deutsche sees better prospects in offices with prices and rents still 45% and 57% below peak levels. Top picks Keppel Land and CapitaLand.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment