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SINGAPORE: Property developers are optimistic about the outlook for Singapore's real estate market in the months ahead.

The optimism was evident at an industry event on Monday.

The Real Estate Developers' Association (REDAS) held its Spring Festival lunch on Monday.

And clearly, the developers were upbeat that the real estate market would continue to do well in 2007, riding on an economy that is expected to continue with strong growth.

REDAS said the two upcoming integrated resorts and efforts to build up Singapore as a financial and banking hub would have a direct positive impact on real estate.

On the average, only 7,000 new private housing units are sold each year.

But with a projected population of 6.5 million - or one-third higher than the current 4.5 million - REDAS estimated that about half a million more new housing units would be needed over the next 10 to 15 years.

Simon Cheong, President of REDAS, said: "For the en bloc people... they probably cannot get back a place where they are staying now; they have to go to the secondary location, which is perfectly fine. 10 years from today, the secondary location will become prime location also. So, who knows, maybe the en bloc will replay itself again."

REDAS said the mass market segment, which was dormant last year, would move over the next 12 to 24 months as more en bloc projects come online and as more HDB upgraders enter the market. - CNA/ir

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