The recent coronavirus has dampened the demand for city travel and it is urged by Singapore property developers that measures can be put in place to remove the property cooling measures in an effort to maintain property prices in Singapore. The recent coronavirus has reduced the demand for properties in Singapore and many developers has already feel the heat from lesser property showflats visit and even lesser demand for properties. Showflats will be launching in Singapore including Penrose Showflat located at Sims Drive by CDL.
The scene is also not restricted to properties as luxury retail brands in Singapore are already feeling the heat as there is lesser shoppers that are walking around the shopping centres in Singapore. Chinese tourist account for more than 20% of Singapore’s tourist and these visitors spend a good amount of money in Singapore including shopping and eating at restaurants. Chinese tourists were the top spenders in the first half of 2019, spending close to $2 billion on shopping, accommodation, and food & beverage including branded items. Most of it was spent on shopping though.
With millions in China under an lockdown and a ban on Chinese tour groups and recent visitors to China by the local authorities, tourist arrivals especially from China are expected to slow in 2020. The ban on tourist is also extends to transit passengers and this has a huge impact as well. This also affects property purchases as a huge percentage of buyers in the Core Central Region (CCR) of Singapore are from the mainland China and therefore it will be affected.
Experts also note that there are many new launches coming out in the market soon and this year, many of the launches will be in prime Districts of 9, 10 and 11 which are highly sought after by investors from China. Despite the weaker sentiments, it is noted that developers are still going ahead with many of the new launches just that there will be temperature screening as well as hand sanitizing that will be put in place at the showflats in an effort to maintain hygiene.