Despite having good and strong fundamentals in Singapore, mentally everyone is unable to place global economic problems out of mind. The ailing US dollar, astro-path of oil prices, poor US economic indicators and sub-prime problems are affecting overall sentiment – stock market and property market.
The volume of transactions of new private homes dropped drastically in the month prior. Many analysts say that although its too early to tell if the property market is really slowing down or that everyone is just watching and waiting for something to happen first before actually taking action.
Well it is still true that there are many noveau-riche from the en-bloc sales in 2007, who should have received their pot of gold, and are still shopping around. In fact there were rumours that some of these noveau-riche are sitting it out, hoping that prices will dip, so that they can get a good bargain.
So it’s just a waiting game, as developers who have benefited from the bull run in 2007, still have much holding power, and are all adopting a wait-and-see attitude, and definitely not willing to reduce prices anytime soon. We will all wait to see who will not be able to wait out this waiting game.