Excerpts from the
OCBC Report on property sector dated 29 June 2009 (full report is attached below):
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Local buyers continue to drive demand. Mass market residential
projects continue to draw strong demand.
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A price increase that is actually not a true increase. At Vista Residences, ... it seems that prices have risen sharply in recent months but in fact, the difference in pricing is attributable to the difference in unit sizes and floor plans. Vista Residences offer smaller size units that command higher psf pricing and also smaller balcony space than The Arte. As such, we caution that the strong buying momentum at higher psf pricing for the new launch should not be viewed as a new uptrend for property prices.
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We remain unconvinced by the recent 'recovery' in the physical property market as we believe that the buying strength over the recent weeks could have been driven by the spillover effect from the earlier pent-up demand that had drawn cash-rich local investors back into the property market. In our view, potential catalyst for price increase will have to come from the inflow of foreign funds into the property market as well as a pick up in employment opportunities.
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