How The Coronavirus Might Affect The Property Market?

Wuhan Virus, Coronavirus, 2019-nCoV, COVID-19, Coronavirus 2019.

Whatever name you want to call it, it has already created havoc across in Singapore and many parts of the world. The impact of the Coronavirus, which began in China in December 2019, has been felt across the world. Besides the cost of humans’ life, many are trying to calculate the economic repercussions of Covid-19.

Coronavirus: How it might impact the real estate market in Singapore

Over the past two weekends, after the government raises DORSCON level to Orange, we see some encouraging sales numbers from some new launches.

On 15th February, developer Hoi Hup Sunway Canberra launched all the 496 units of executive condominium (EC) Parc Canberra and managed to 64% of the units at the launch day.

parc canberra ec

On 21 February, buyers snapped up 25 of the 39 units (64%) of landed homes at Luxus Hills Phase 16 by developer Bukit Sembawang Estates through private preview.

luxus hills phase 16

And last but not least, the talk of the town over last weekend, The M. Developer Wing Tai sold 70% of The M condo over launch weekend.

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From these news on the recent new property launches, you’d realise that the issue of the Coronavirus isn’t an all-encompassing cripple. Singapore are still willing to purchase if they deem that the development is priced correctly and of investment value.

Property market may be affected if the situation of the Coronovius dragged for a long period. The negative impact on the economy will definitely has repercussion on the real estate market.

Singapore is a well-diversified ecomomy in 2020 comparing to 2003 during the Sars period. Retail, tourism, aviation and F&B industry will definitely take a hit by the current situation, but technology and business-service as well as finance industry will help to counter any further economic blow.

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