Singapore’s National Development Minister Lawrence Wong said that the Government is studying how best to support the hospitality, tourism, retail, and food and beverage sectors that have been hit by the Wuhan virus outbreak. The Minister addressing the Real Estate Developers’ Association of Singapore (Redas)’s annual Spring festival launch on 31 January 2020 stated that a strong Budget 2020 is expected.

The Minister cautioned that in the medium term several industries like hospitality, tourism, retail, and food and beverage would be impacted and that there would be an impact on the overall economy.

Mr Wong said that the private sector is better prepared to deal with the challenges even though corona-virus is less lethal than SARS.

The Redas president, Chia Ngiang Hong said that the private residential property market of Singapore in 2019 remained resilient. Mr Hong also said that more than 30 projects with 9,000 new units may be launched for sale in 2020, and about half of the new launches will be in the core central region.

The analysts expect demand for private homes from HDB upgraders to remain steady this year on the back of 26,100 HDB flats reaching the minimum occupation period. This is 50% higher compared with the past five years’ average. Developers’ also expressed concerns over the oncoming supply and build-up of unsold inventory.

The Minister hoped to see more Business Improvement District plans taking shape over the next year and welcomed feedback from developers in efforts to shape the future downtown. He also stated that there were many projects in the pipeline like the Greater Southern Waterfront starting with the Pasir Panjang Power District, the CBD Incentive scheme and the Strategic Development Incentive scheme for commercial building owners to redevelop their properties.

Source: Business Times, 31 January 2020