Singapore property closer to bottom than Hong Kong, LaSalle says

SINGAPORE (May 27): Singapore’s property market may be closer to a bottom than Hong Kong, according to LaSalle Investment Management, which manages more than $58 billion ($79.7 billion) in real estate funds.

Governments in Asia’s two most expensive residential markets have imposed curbs in recent years to tame prices and improve affordability. As demand has dropped amid a slowdown in the region’s economies, home prices in both cities are in the midst of a correction.

“Hong Kong and Singapore are in a different cycle,” LaSalle’s Chris Chow said in an interview. “Although Hong Kong also has government austerity measures for residential, that hasn’t really translated into actual price correction until recently even though the measures came in a couple of years before.”

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