SINGAPORE (Sept 18): Singapore property prices are expected to rise by 5-10% next year after bottoming out this year as the nascent recovery spreads to the mid-range and high-end segments in the next wave, says UOB Kay Hian.

This is driven by replacement demand from buyers who have sold their homes in en bloc sales and a pickup in homebuying interest from foreigners, says UOB Kay Hian lead analyst Vikrant Pandey in a Monday report.

The next wave of recovery in the property sector will predominantly be driven from bottom up, starting from the mass-market and flowing over to the high-end segment. The return of enbloc sales and greater scope for foreign participation should power the high-end segment ahead, benefitting developers with such landbank exposure.

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