Property run-up may end in 2010: UK group (02/09 – ST)

The run-up in Singapore's private home prices may fizzle out next year, as several obstacles are still impeding global growth momentum. That is the view of London-headquartered Royal Institution of Chartered Surveyors (Rics), which represents and regulates property professionals and surveyors. It issued a report on Monday concluding that the sharp residential market rebound here may peter out. It cited higher unemployment in Singapore as a potential risk factor that could undermine the property rebound here. In contrast, top local developer CapitaLand remains bullish in its outlook for Singapore, and will soon launch a 1,000-unit condo in Gillman Heights and 165 resort-style homes at the former Char Yong Gardens site. CapitaLand's upbeat outlook on the market here was reflected in slides presented by its vice-president of investment Anson Lim at a CapitaLand CEOs forum held yesterday.