Singapore’s property market is bottoming out faster than Hong Kong.
Boutique property investment firm Arch Capital Management is eyeing Singapore as its next investment target, as the property correction here is faster than in Hong Kong, reported the South China Morning Post.
The Hong Kong-based company noted that the property correction in Hong Kong is just beginning.
“Between Singapore and Hong Kong, I think Singapore has more price downward adjustment. So, we like it and we are keeping an eye on there,” said Arch Capital’s Chief Executive Richard Yue.
Property in Hong Kong is still expensive, with home prices within the New Territories (where new supply is high), expected to face more consolidation than in urban areas.
“I do not have a crystal ball,” said Yue, referring to when the correction in Hong Kong will end.
Last week, LaSalle Investment Management said Singapore’s property market could be closer to a bottom than Hong Kong.
It noted that the turning point in Singapore’s property cycle “is probably closer and more advanced than Hong Kong, so we feel the market is bottoming out”.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
