Singapore developers starting to echo cautious stance in residential market

Here's what they did.

According to UOB Kayhian, developers reported largely in-line results, an improvement compared with the weaker-than-expected results reported by most developers over the past year.

REITs’ results were within expectations, while the office segment continues to shine.

Here's more from UOB Kayhian:

Developers echoed cautious outlook on Singapore residential segment. CapitaLand accelerated residential sales in 2013 in order to reduce inventory (currently: 10% of total assets) in light of an expected future fall in property prices.

Wheelock Properties booked a S$110m provision for The Panorama project due to lacklustre sales (7% sold in January) and margin pressures. Keppel Land also introduced additional discounts of S$4,800-16,800 (1%) for The Glades project during the Chinese New Year (CNY), on top of existing discounts of 7-11%.

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