THE number of new developments is expected to continue its decline this year as a result of the lingering property overhang, as well as the projected weaker economy due to the global Covid-19 pandemic.
Despite the overall sales performance rate improving at 40.4% last year due to the government-backed Home Ownership Campaign (HOC), compared to 34.6% in 2018 and 32.6% in 2017, the property market continues to soften.
The National Property Information Centre’s (Napic) Property Market Status Report 2019 noted that new launches declined by 9.2% to 59,968 units in 2019, from 66,040 units in the previous year.
