Although many people are still working from home, the office rental market in the Central Business District (CBD) of Singapore is expected to grow.
During the third quarter, net demand for office space in the Grade A category of CBD reached 215,000 sq. ft. Note that the net demands during the third quarter of this year are approaching 283,000 sq. ft in comparison to 183,000 sq. ft. during the same period of the year 2020.
But at the same time, the net supply for available space is also getting higher while contributing to a 5.8% vacancy rate in the third quarter of this year, which is 4.6% higher as compared to the previous quarter.
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Month: October 2021
HDB Throws new Hopes to Contractors for Minimizing Delays to BTO Buyers
The construction companies handling projects in the Singapore Housing Board market have been offered new hopes with the lock-in supplies and prices for raw materials. This new move of the Government in the country is expected to bring construction progress on track while minimizing delays for target home buyers.
The new measures include the extension in steel price protection duration from HDB for additional nine months. As a result, the contractors in the area now do not need to worry about steel price fluctuations, and they can run their projects smoothly.
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Housing Sector Risks in China Falling into Bear Market
The residential property prices in China are experiencing meaningful downside, and it may affect the economic growth of the country in the long run.
It is already observed that even after orderly restructuring, China’s real estate market is going to experience downside pressures.
On one side, where authorities are trying to limit the real estate prices due to Evergrande based fire sales, price controls are still not working, even after the implementation of price floors. Note that Evergrande is one of the most indebted developers in the entire world, and the company has yet to reveal whether they paid interest due to holders as per Doller bonds in the United States. The company will get a grace period of 30 days to make payments, following which a technical default may occur.