Positive news for the resale non-landed private property front as prices inched up slightly by 0.2 per cent last month. Though not a massive leap, any shifts in the right direction is a good sign indeed.
Properties in the fringe of the city in particular had a good showing with a 7.1 per cent increase from a year ago. This is quite impressive considering prices have fallen 6.2 per cent in the last year for units in the central region and 2.9 per cent in the suburbs. The year-end festivities usually mean a slight slow-down in the property market, but between then and after the Hungry Ghost Festival, a number of new property launches are expected to help buoy the resale property market. Some new launches include Principal Garden in Prince Charles Crescent and Thomson Impressions in Sin Ming.
A recent change in immigration policies announced by the Ministry of Manpower in July may affect the demand for investment properties and rental units. The minimum monthly salary ceiling for Employment Pass (EP) holders who are bringing their families with them will be raised to $5,000 from $4,000. This may deter existing EP holders from following through with their plans or potential EP holders looking to relocate. However, this may only mean a dip in demand for larger units. Could smaller studio or one- and two-bedder units continue to benefit from the change?
