SINGAPORE (Nov 27): Macquarie Research believes the Singapore property sector is headed for an upcycle, with residential property prices expected to rise by 3-5% per annum over the next two years.
“We continue to expect a price recovery, following the residential sales volume pick-up in 2017,” says Macquarie lead analyst Ken Ang in a report on Friday. “We expect developers to trade at a narrowed RNAV discount to reflect the residential upcycle.”
According to Ang, residential sales volumes have jumped 54% to 8,702 units in 9M17 compared to a year ago, driven by growth in the mass-market segment due to heightened expectations that the residential market is bottoming.
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