30-06-2009, 11:05 AM
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Junior Member
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Join Date: Jun 2009
Posts: 8
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Property Analysis Reports
Excerpts from the Goldman Sachs report on Singapore Real Estate dated May 12, 2009 (the full report is attached below):
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We see incremental positives from a pick-up in residential transaction volume, as inventory backlog is cleared and funding risks ease. Price elasticity has improved, and we now appear closer to the point of price stabilization.
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Firmness witnessed in the mass end of the segment is gradually filtering up to the mid-end segments, though investors are still harboring concerns over sustainability of demand. What may not be so apparent is the relative wealth of HDB owners. We estimate the avg. home equity of households in owneroccupied 5-bedroom+ HDB flats (c. 270,000 units) is S$230,000 (equity covers about 30%-35% of the mass end unit).
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We expect the pick-up in transaction volumes witnessed over the past three months to continue, driven by HDB upgrader demand in the mass end of the market as affordability has improved. As take-up activity is maintained, we expect supply to be gradually drawn down, leading to a mild price increase of 5% in 2010E.
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