WAF 2012: Singapore property prices on the rise
The property market in Singapore was given a timely boost this week as leading architects from around the world flocked to the city.
Urban Redevelopment Authority data showed a 0.5 per cent increase in prices for the three months to the end of September, following a similar rise in the previous quarter.
Economists had been keenly anticipating the URA data for confirmation that the property market was in recovery.
Royal Institution of Chartered Surveyors economist Andy Wu said: ‘The effects of earlier property tightening measures – coupled with a slowing economy – have resulted in a moderation of transaction volumes.’
He said capital inflows triggered by a fresh wave of quantative easing in the US could boost sales in the short term.
‘Accordingly, property prices may resume their accelerating growth trend.’
High-density housing was a key topic at the World Architecture Festival held in Singapore this week.
Belinda Huang, principal of local practice Arc Studio, said the online forum of 50-storey Singapore development Pinnacle@Duxton revealed that residents love it.
This is in part due to an active ground plane and flying gardens that provide social space at an upper level, Huang said.
Ken Yeang of London-based Llewelyn Davies Yeang told delegates the diversity of a great urban landscape should be vertical rather than horizontal, and that green architecture should have its own aesthetic.
‘It should not look like a Foster or Rogers building,’ he said. It should be fuzzy and hairy.’
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