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Largely stable Singapore property market expected for 2024: Savills

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Samuel Oh
Jessie Lim

Samuel Oh &

Jessie Lim

Published Tue, Oct 31, 2023 · 08:45 PM
    • Savills Sinapore is optimistic that the investment market will improve as interest rates have peaked.
    • Savills Sinapore is optimistic that the investment market will improve as interest rates have peaked. PHOTO: BT FILE

    DEVELOPERS are expected to lower their bids for Government Land Sales (GLS) sites due to uncertain market conditions, thinning margins and previous record-breaking bids, but Savills Singapore expects residential values to remain resilient.

    In a market-outlook briefing on Tuesday (Oct 31), the real estate consultancy noted that the Additional Buyer’s Stamp Duty (ABSD) has had an impact on both the price and volume of non-landed transactions in the Core Central Region (CCR) in the third quarter. 

    However, prices of private residential properties islandwide still rose 0.8 per cent during the quarter; Savills expects them to remain flattish in 2024.

    SavillsSingapore property

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