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Singapore’s property market to benefit from population & economic growth ahead

Michelle Zhu Published on Mon, Apr 03, 2017 / 4:42 PM GMT+8

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SINGAPORE (April 3): Singapore’s property market is expected to benefit from a number of government policy changes that have recently begun to take effect, according to recent research data published by JLL.

In an April 2017 report entitled Back to life, back to growth, the financial and professional services firm says it believes the city state’s population and skilled workforce growth rates are set to rise over the next few years to benefit office, retail and residential demand in the local property segment.

Singapore’s Minister for Manpower Lim Swee Say in Feb 2017 revealed plans to create around 25,000 to 40,000 jobs annually for the next few years. While the firm reckons this means population growth could rise to 1.5-1.8% per year in 2017-2025, the firm also estimates that the number of employment pass holders could also increase by 10,000 to 16,000 per year as compared to just 1,000 per year in 2012-2014.