Housing market dominated by upgraders, this came in as reported by Straits Times, a “strange phenomenon” occurred in the housing market. Home upgraders have taken over, however, foreign and speculative investment remains suppressed.
According to the chairman and managing director of Wing Tai Holdings, Cheng Wai Keung, this trend came over when upgraders pushed prices in various areas including traditional areas near and around Orchard road and in new townships as well.
He also noted that there are no remarkable changes when it comes to the prices within the rest of central region even in fringe areas due to the absence of speculative and foreign investments.
Apart from the fact that there is a chance of a faster recovery, the uncertainty remains. At a briefing, Cheng said, “This is a very different and difficult period in my 40 years in the property market. It has stabilized but you are not sure if it will continue to be like that,” he also added, “But that does not mean that we do not look at the property that will give us value.”