REAL ESTATE INDUSTRY

In any society, real estate is a fundamental asset. The use of this asset has a significant impact on the performance of the overall economy of Singapore and the well-being of the built environment.

 

 

OVERVIEW AND ITS IMPORTANCE IN SINGAPORE ECONOMY

The Singapore economy was buoyant in the first quarter of 2000, expanding by 9.1%; stronger than the 7.1% recorded for 1999. Growth was propelled by the robust expansion in most sectors, in particular, the manufacturing and wholesale and retail trade sectors.

Latest URA statistics continue to show signs of a gradual recovery of the property sector with private residential prices continuing to register increases in prices in 1st Quarter of 2000.

Demand for office space to grow. According to URA statistics, the total supply of office space is estimated to be about 63.6 million sq ft as at the end of 1Q00.

Prices and rentals of retail space have been increasing steadily. This is so as there is a strong demand for rental space and thus, it continues to put upward pressure on rents and values.

In the residential sector, the take-up rates are expected to remain healthy if new property launches are prices realistically, especially in the private residential property market.

The Singapore government, with its effort to remain competitive and attractive for multi national corporations to locate operations here, will continue to help to increase the demand for office space. A further boost is the liberalisation of the telecommunications and financial markets which will attract more industry players into Singapore. Thus, the demand for office space is likely to see further growth.

Overall outlook for the retail sector is positive as robust growth is seen in most sector of the economy. The return of consumer spending, improved business sentiments and the increase tourists arrival, the demand is likely to improve and higher occupancy rates are expected.

             

 

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