BNP: S'pore home prices have bottomed, HK's still 'crazy'

Singapore

SINGAPORE home prices have reached a bottom and will rebound, while Hong Kong's "crazy" housing market will continue to defy gravity, according to BNP Paribas SA.

"Very significant" income growth will drive the first leg of a recovery in home prices in Singapore, where property ownership as a proportion of household assets is near a record low, BNP's Asia-Pacific head of research for financial institutions and property Wee Liat Lee said in an interview while visiting the city-state.