In this Article, we are bringing you a consolidated news from various sources like Strait Times (ST), Business Times (BT) and SRX where they touches different topic from Global to Singapore and down to the Property Market.
Within the Global Market, “IMF expect global contraction to be less severe”
According to The Strait Times, The international Monetary Fund (IMF) forecast a 2020 global contraction of 4.4 per cent in its latest world economic outlook, an improvement from 5.2 per cent contraction predicted in June, when business closures reached their peak.
And in Singapore, “Economists Forecast sharp rebound for Singapore Q3 GDP” quoted Strait Times
According to Ms Selena Ling, Head of Treasury research and strategy at OCBC Bank, she estimate that the GDP will expand a staggering 51.5% from the second to the third quarter which will be driven by by manufacturing, financial services and the infocomm.
In Fact, Singapore are already showing “sign of recovery in Q3” quoted Strait Times
The Republic’s gross domestic product (GDP) rose by 7.9% in the July to September period, compared with the previous quarter on a seasonally adjusted basis, according to advance estimates released.
And Business Times also say that “Singapore poised for K shaped recovery following Q3 rebound”
“Job losses affecting mostly the lower income households…. Higher income households are experiencing the recovery first and buying properties during this window of opportunity”
So then, what about the Property Market in Singapore?
In the resale sector – >
Resales condo see strong Sales as prices hold firm according to SRX.
The prices of resale condominiums held firm amid robust demand last month, with more than 1000 units sold for the third straight month.
Also refers to a video updates here https://youtu.be/841-5C-9Pzg
And “More landed Homes sold in Q3 as buyers seek to guard Wealth” quoted business times
The jump in landed sales led to a sharp rise of 3.8% jump in Q3 over the quarter, in the URA landed residential price index.
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What’s more, The New launch market perform ultimately well
“New private home sales hit a more than 2 year high amid Recession” quoted The Strait Times
The private home market continues to defy gravity amid the pandemic, with last month’s sales up for a fifth straight month to hit levels not seen for more than two years. The robust numbers – 1329 units sold, 5.6% more than the 1258 in August – came despite a fall in the number of new homes launched last month.
Penrose shifted 389 units at a median price of $1541 psf to account for about 45 % of total developer sales in the city fringe, according to Knight Frank
So are you still waiting for it to fall ?