SINGAPORE - Agence France-Presse
Singapore's booming residential property sector is finally showing signs of cooling but projects including two casino developments should underpin long-term prices, analysts say.
The market was described by real estate giant Jones Lang LaSalle as the world's hottest in 2007, when the city-state's property prices surged 31 percent overall. But this year the sector has not escaped wider concerns over a U.S.-led global economic slowdown and inflationary pressures.
Private home prices rose 0.4 percent in the second quarter, the slowest increase in four years, the government's preliminary figures showed last week.
The second quarter rise was also much slower than the 3.7 percent increase recorded in the previous three months but prospective buyers waiting for huge bargains may be disappointed.
Property analysts say prices are likely to fall further in the third quarter but experts rule out massive declines because of the multiplier effect from two multi-billion-dollar gaming resorts now under construction.