SC Capital Partners’ founder, Suchad Chiaranussatti, plans to eschew Singapore’s residential property market until prices fall further, saying an around 20% to 30% fall is needed to make the sector attractive again.
Prices fell 0.6% in the first quarter of the year, the sixth quarter in a row that prices have fallen. The Real Estate Developers’ Association of Singapore puts the fall in luxury home prices since the beginning of 2013 at in excess of 20%.
Chiaranussatti said government measures to cool down the market had been a surprise in terms of their strength and scope. The measures are working, he said, adding that he expects them to stay in place for another two years.
