Singapore Property Market

After a drop in the third quarter of this year, prices in Singapore should rise as interest rates fall.

Developers sold 738 new private units in October, according to data released Friday by the Urban Redevelopment Authority. That compares with 401 in September, and is the most since last November.

More condominium completions and slower GDP growth will put downward pressure on residential rent.

DBS analysts believe demand is likely to taper off in 2023 with the natural cooling effect from a rise in mortgage rates.

CDL was downgraded to "sell" with a TP of $8.05 while UOL was downgraded to "neutral" with a TP of $7.60.

Singapore rents could rise another 10%-15% in 2023, while those in Hong Kong may only post a 5% increase: Bloomberg

While home values from the US to New Zealand are declining, Singapore’s private property prices jumped 13.2% y-o-y in the 3Q.

The brokerage has also cut its target price estimates to $1.19 for PropNex and to 41 cents for APAC Realty.

Analysts from UOB Kay Hian and CGS-CIMB Research have maintained their “buy” calls and target prices for PropNex

CGS-CIMB is 'overweight' on Singapore property development sector as developers' valuations still 'inexpensive'