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Derek Wong

Derek Wong

Languages Spoken:
English

Singapore’s real estate romance wanes as investment becomes out of reach

Soaring real estate prices have taken the sheen off what many see as a golden investment, according to a study by the country’s largest bank.

The late Macau casino tycoon’s Shun Tak Holdings has spent more than US$1.4 billion on Singapore land and property since 2016, and market watchers are wondering if its residential and hotel projects are on track for completion.

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Struggling businesses have taken out 2,500 loans since March and while there is a risk of default, analysts say the loans will prevent the larger calamity of businesses collapsing. Banks are also well-capitalised, they add.

Instead of shrinking from the growth of e-commerce, developers are doubling down on large-scale mixed developments – but uncertainties remain over the future of physical retail.

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A group of Singaporeans in their 60s and 70s became millionaires overnight when their condos were bought in collective sales by land-hungry developers. But it’s not all smooth-sailing, as health woes and other issues persist

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SingaporeHong Kong protestsAsia housing and propertyCoronavirus pandemic