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Developers bank on improving Aussie property market

Easing of credit rules, weaker AUD and lower interest rates among favourable factors

Nisha Ramchandani

Published Wed, Jun 5, 2019 · 09:50 PM

chip eng seng

Singapore

SINGAPORE developers are looking to a turnaround in the Australian property market, with an easing of credit controls and lower interest rates.

Tighter credit conditions and stamp duties contributed to a slower property market Down Under in recent years, making it challenging for residential developers to sell their projects there.

Developer Chip Eng Seng's Australian subsidiary released 222 units for sale from its freehold 704-unit project Fifteen85 in South Melbourne in June last year. According to Chip Eng Seng's FY2018 annual report, only six per cent of the units - or about 13 apartments - were sold.

Sales have been slow owing to the weak property market, a spokesman for Chip Eng Seng told The Business Times. However, the developer believes that sales will pick up as the weaker …