The R word

SINGAPORE’S first-quarter GDP numbers came in weaker than expected, prompting economists to cut their forecasts and brace for a technical recession. The Monetary Authority of Singapore signposted a “deeper than anticipated” economic slowdown, opting to ease off on monetary tightening as it weighed the risks to growth even with inflation still elevated.  

The macro picture has clouded over, and the cautious sentiment is seeping into the property market. 

Developers’ new home sales rose for a third straight month in March, but volume was 25 per cent down year on year and 44 per cent lower than the five-year average for the month. For the first quarter, new home sales were 30 per cent lower than the 1,880 new units sold in Q1 of 2022 - when quarterly volume fell below 2,000 units for the first time since Q2 2020 - after government measures in December 2021 damped buying.