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New private homes sales dropped further to 481 units in December 2009, representing a 20% slide month-on month. Noticeably, this monthly volume has contracted for five consecutive months.
According to Jones Lang LaSalle (JLL), it is also the lowest monthly sales volume achieved since January 2009 when only 108 units were sold. However, the December 2009 transaction volume is still 58% higher than the corresponding month in 2007.
Market watchers and analysts say that the recent announcement of anti-speculative measures by the government has had some effect on the market.
Dr Chua Yang Liang, Head of Research South East Asia, JLL, commented “Although total island-wide monthly sales volume is still higher compared to the same period in 2007, the market demand, especially in the mass market, has moved down to a more sustainable level. As such we do not expect any further government measures in the immediate to short term unless transaction volume and prices begin to move out of pace with the larger economic recovery again.”
“It is evident that the mass market has satiated its demand,” observed Mr Mohamed Ismail, PropNex CEO. However, he added that “December is a traditionally slow period for launches”. “Given the imminent Government announcements on regulations for the property market, which should inspire greater investor confidence, we expect a continued growth for the mid-to-high end markets for 2010,” concluded Mr Ismail. He said this is likely, “while the mass market should recover in terms of volume of sales with the intended launches by developers.”
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anonymous said...
broadly likely sun extinction
March 04, 2010 9:09:00 AM
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