Economic Overview:
- GDP growth rate projected at 6.8% in 2019
- Population estimated to reach 16.3m in 2019
- The construction sector grew by 18.1% in 2018
- Total volume of international tourists increased by 11.5% in 2018
Residential Market Overview
- Total completed condominium stock to rise by circa 120%
- Concerns of oversaturation in high-end and mid-range sectors persist
- Serviced apartment sector to maintain healthy performance, on the back of relatively low supply levels
Office Market Overview
- Centrally-owned office stock to reach circa 394,605 sqm by end 2019 and 409,785 sqm before 2012
- Strata-title office stock influx begins
Retail Market Overview
- 543,653 sqm of retail stock by Q4 2019
- Expansion focused on suburban districts
- Community mall stock influx, with 6 new projects set to complete in 2019
- More international brands entering the market, spearheaded by F&B operators
Industrial Market Overview
- Infrastructure development expected to catalyze growth in the logistics sector
- Industrial vacancy to remain low
- Rental rates are expected to increase due to lack of supply