SINGAPORE (Dec 21): OCBC Investment Research is keeping its “neutral” rating for the Singapore residential market amid a physical oversupply situation that is likely to persist going forward.

It forecasts private residential prices to dip 5%-15% over 2016 and 2017. Primary residential sales would remain muted at between 6,000-9,000 units in 2016.

OCBC expects residential rentals levels to fall 8%-15% over 2016 and 2017, while vacancy levels to increase to about 10% by end 2017 from 7.8% currently.

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