The key residential findings from the JLL Singapore Property Market Report are:

• Sales volume in the prime districts declined in 4Q16 from the previous quarter, due to the year-end holiday period and the lack of new launches. However, compared to 4Q15, sales volume was approximately 60 per cent higher.

• Discounts and other incentive schemes offered by developers continued to attract buyers. Market sentiment remained positive as investors and developers perceived that the market might be bottoming out.

• Future supply in the prime districts over the next five years should remain moderate and continuity in supply will depend mainly on the availability of private land as prime district sites tend to be limited under the Government Land Sales programme.

• Rents continued to decline. Leasing activity slowed during the quarter due to the lacklustre economic performance and uncertainties in the job market. 

• Capital values improved slightly. In 4Q16, a portfolio of three apartment buildings near Orchard Road was sold for SGD190.5 million to different Singapore developers. Also, under pressure from approaching Qualifying Certificate deadlines, some affected developers disposed of their unsold properties to avoid paying hefty extension charges. 

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