Is the Singapore real estate market flooded?

In a new survey, more than half of respondents recommended a “hold” position for properties.

There is an overabundant supply of office buildings which, coupled with stagnant rent growth, might not produce the most optimal investor returns, according to the Emerging Trends in Real Estate Asia Pacific 2012.

But despite these worries, the island nation was ranked "most favourable" among Asia-Pacific countries for a second year in a row. Why so?

Here’s more from the Urban Land Institute and PricewaterhouseCoopers:

Singapore is ranked as the most favorable market in the Asia Pacific region for commercial real estate investment and development next year, largely due to the city's continued transformation into a truly global city with a burgeoning asset and wealth management sector, according to Emerging Trends in Real Estate® Asia Pacific 2012, a real estate forecast jointly published by the Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC).

The report notes that capital for investment and development remains abundant in Singapore, and is coming from domestic or Asia Pacific sources rather than international ones. Yet, while Singapore continues to be well positioned, and buoyed by factors such as strong immigration, population growth, and growth in tourism, some survey participants say the market may have peaked. For instance, they suggest a large pipeline of Grade A office buildings and lower growth rates in rents may hold down investor returns. Over half of the survey respondents recommended “hold” in all sectors when asked whether 2012 would be an optimal year in which to “buy, hold or sell” properties.

“Despite the year’s global market instability and economic uncertainty, Singapore retains its popularity in terms of investment and development prospects. For the second year in a row, Singapore has topped the Emerging Trends list, and capital for development remains healthy, which indicate that investors continue to have confidence in the Singapore market. However, investors are getting more cautious, as Singapore is an open economy and is sensitive to global volatility,” said Choo Eng Beng, Real Estate Leader, PwC Singapore

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