Singapore’s property market in a standoff

Singapore’s property market has entered a standoff between bargain-seeking buyers and developers sticking to their pricing guns, with March’s new home sales dropping 82 percent from a year earlier.

“Buyers think they can have their cake and eat it,” said Alan Cheong, senior director for Singapore at Savills Research. “They are expecting the other side to lose money on their behalf. That idea doesn’t work if you have an economy that’s fully functioning,” he said, citing the city-state’s unemployment rate of only 1.5 percent.

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