Boston, MA -- (ReleaseWire) -- 03/11/2013 -- The Singapore Real Estate report examines the commercial office, retail, industrial and construction segments in the context of a volatile macroeconomic landscape, which is underscoring the increasingly cautious sentiment in Singapore's historically stable commercial real estate market.
With a focus on the commercial side of the real estate market, the report covers the city-state's rental market performance in terms of rates and yields, and examines how best to maximise returns in the commercial real estate market while minimising investment risk and exploring the impact of the government-led cooling on a market particularly susceptible to global dynamics. The key potential growth areas - driven by increasing activity on the part of international investors - and the potential of the domestic market are also explored, with corporate growth strategies looking to geographical diversification for expansionary opportunities.
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While reports of a decrease in market volume and activity characterise the news flow of 2012, the underlying attractiveness of the real estate market persists, with sound fundamentals and investor demand anchoring performance. Our recently collected data covering the first six months of 2012 did not reveal any unpredictable, tangible effects of increasing market pessimism.
- Construction activity continues to surprise on the upside. Real growth for the construction industry beat government estimates to reach 6.9% year-on-year in Q112, driven by a surge in residential building activity. With residential activity expected to remain robust over the rest of the year we have revised up our forecasts, with real growth for the construction sector predicted at 5.1% in 2012 (previously 3.8%). However, barring a global economic meltdown, we expect construction activity in Singapore to slow to a more sustainable level, with real growth forecast to reach 3.5% in 2013 (from a previous forecast of 3.2%).
- We believe that non-residential building activity will remain decent in 2013 but will not reach the highs seen in previous years. Although commercial building activity should remain robust due to the signing of several large-scale commercial construction agreements in 2011, industrial building activity - which is mainly financed by Singapore's export-oriented businesses - should remain weak due to poor global economic activity. Institutional buildings activity, which is typically financed by the government, should remain robust as the government plans to award contracts to expand the National University of Singapore and to develop two hospitals in Jurong East in 2012.
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