S'pore property prices fall<\/p>\n
SINGAPORE (Reuters): Singapore saw new low benchmark prices
\nfor private residential properties in the second quarter of 1998,
\n20 percent lower than six months ago, Jones Lang Wootton said
\nyesterday.<\/p>\n
It attributed the downturn in sentiment to Indonesian riots in
\nMay and a Singapore government announcement which suggested a
\npossible downward adjustment to its economic growth forecast and
\nhints at record high retrenchment levels.<\/p>\n
Calls for wage restraint by the National Wage Council also
\nadded to poor market sentiment and transactions slowed
\nsignificantly in May and June 1998, the property consultants said
\nin a statement.<\/p>\n
It said only 870 new private housing units were launched in
\nthe second quarter of 1998, about half the 1,730 launched in the
\nfirst quarter.<\/p>\n
Average values for apartments and condominiums in prime
\ndistricts dropped 8.6 percent overall from S$930 per square foot
\nin the first quarter of 1998 to S$850 psf in the second quarter,
\nthe statement said.<\/p>",
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