“We thus believe that it will be premature for the government to act again to curb speculation for now,” note DBS’s analysts on March 16.
Government measures on Singapore’s residential property market are “not a worry for now”, say DBS Group Research’s analysts. Hopeful investors should watch upcoming launches, however, as the analysts already note a general softening of demand.
DBS’s Derek Tan, Rachel Tan, Dale Lai and Geraldine Wong note recent media coverage of a spike in sub-sales within the primary market, or “flipping”, hitting a high of 7% in 2022 after years of decline. While this suggests heightened investment demand, the analysts believe demand is likely to taper off in 2023 after considering the natural cooling effect from a rise in mortgage rates.
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