Singapore property market set for soft 2015

Singapore's property market is set for a soft 2015, according to Savills.

The new report, published by World Property Journal, predicts the 2014 trend of low sales and holding prices to continue over the coming 12 months.

"Buyers of CCR units are likely to be opportunistic high net worth individuals, corporates or funds, all of whom find value in significantly price discounted assets," WPJ quotes the report as saying.

"For the RCR and OCR, buyers are likely to be those who have the wherewithal to buy even within the current TDSR framework but have thus far held back due to expectations that prices will decline. As these people already have the purchasing power, it will be a battle between holding-out and expecting prices to decline further or committing because having not spent their money in the past 18 months, their store of wealth has built up further."

"We believe that this group is relatively large and may be enticed to purchase even if there is only a slight discount."

For the full report, visit here.