Savills reports Singapore property prices to increase in 2010.

28th January 2010

According to online news site, channelnewsasia.com, Savills, real estate consultants, state that the luxury property sector would see a rise by 15 per cent  this year, which would lead the way for the property maker in Singapore in 2010.

Savills reported that prices in both the mass-market and mid-end properties could see values increase by 5 per cent.

Despite an economic recession in Singapore last year, several private property sold at record high prices such as Sentosa Cove at S$3,300 and transactions surpassed those in 2007.

Savills stated that though this rising trend will continue, it would move at a moderate pace. Moreover, the company attributed the demand to be from foreign investors for the soon to be completed integrated resorts (Irs) as well attractive office rentals.

Micheal Ng, managing director of Savills Singapore, stated: "I think the prices in terms of luxury is still some 20 to 25 per cent off the peak. In terms of the high net worth individuals, I think a lot of confidence is coming back to the market. There is a lot of liquidity around that´s pushing them back into real estate.”.