10. Softer market as buyers take cautious stance

MARKET demand for top-tier luxury condominium and serviced apartment units is expected to soften as purchasers become more selective and discerning while developers become increasingly cautious over over-supply concerns, leading to slower sales. CH Williams Talhar & Wong Sdn Bhd (WTW) senior executive director P’ng Soo Theng said factors that led to such a weak market could be attributed to the country facing a great deal of uncertainties this year. They include: ·The 12th general election in March which was met with unprecedented results; ·A 41% petrol (63% diesel) price hike in June; ·The consumer price index in June hit a 26-year high of 7.7% ·Rising defaults on subprime mortgages in US which triggered a global crisis leading to a gradual withdrawal of investment funds in the region. Under such circumstances, affordability... [read full story]