Singapore: Property wish list for Budget 2019.
Property market watchers are looking forward to Singapore’s 2019 Budget, which is set to be delivered by Finance Minister Heng Swee Keat on Monday (18 Feb).
In last year’s budget, the government introduced several measures, including higher subsidies for HDB flat buyers, while the top marginal buyer’s stamp duty was raised from 3.0 to 4.0 percent for residential properties worth more than $1 million.
For Budget 2019, some experts are hoping that the latest round of cooling measures introduced in July will be eased. This comes after a recent study by the Real Estate Developers’ Association of Singapore and the National University of Singapore found that 95.1 percent of developers believe the measures have negatively affected the market’s prospects in 2019.
Experts also cited risks like the large supply of new property launches this year, with all expecting at least 40 new project launches and over 10,000 private units to be completed this year.
Despite the weaker sentiment in the private residential market, many homeowners are not giving up on their en bloc dreams. For instance, the 918-unit Braddell View is still proceeding with its collective sale tender with an asking price of $2.08 billion. Other developments have also re-launched their tenders. Some have slashed their asking prices, while others are in the process of doing so.
Meanwhile, newly released data from the Urban Redevelopment Authority on Friday (15 Feb) showed that private home sales fell by 17.8 percent to 433 units last month from 527 units in January 2018.
Amidst the many challenges facing the property market, we asked a few industry experts to share their opinions and wishes for Budget 2019