Vacant private homes in Singapore is rising

The number of vacant private homes in Singapore is on the rise as the latest data from global real estate consultant Savills showed a rise to 10.3 percent to 21,268 units in the second quarter of this year compared to 19,284 units in the first three months of 2014.

However, the number of unsold homes is still lower compared to 2012 when the number of such homes reached 15,890 units from 12,740 units at the start of that year. However, Singapore recorded a sharp rise in vacant private homes in May 2014, Savills added.

Savills said, “Some 8,066 new private residential units are expected to be completed by the end of 2014. This could possibly drive the island-wide vacancy rate up to double digits before the year ends.”

According to the real estate consultant, the vacancy rate of private homes in the city state rose to 7.1 percent year-to-date compared to 6.6 percent in 2013. It forecasted the vacancy rate to further rise if the trend continues. Savills said it expects the number of vacant private homes to steadily rise in the coming months.

A separate report from ST Property added that many of the completed luxury homes in Singapore remain unsold, particularly in exclusive centers, as most developers hold off selling their units as the state’s luxury market has not yet recovered.

Many buyers of luxury properties are also holding off on their purses as the property market cools, experts claimed. R’ST Research director Ong Kah Seng was quoted as saying, Wealthy property buyers are the most savvy investors… Many are not in a hurry to buy luxury properties.”

Compounding to the problem in Singapore’s real estate segment is the negative sentiments amongst home buyers, particularly in the city center on concerns of oversupply of private homes and a poor rental market.

Concerned market players have already urged the Singaporean government to revising the property cooling measures it is currently enforcing to help revive the housing market. Kwek Leng Beng, executive chairman of Hong Leong Group Singapore and City Developments warned that “foreigners were choosing to plough their investment dollars into countries like Britain, Australia and the U.S. over Singapore, while Singaporeans have been investing abroad. We are losing these investments to other countries even though these foreign properties have a higher risk profile. It is unlikely these investment dollars will return to Singapore. The overall picture seems to suggest that it may be timely now for the Government to take another look at the cooling measures introduced and make adjustments accordingly.”

Real estate agents who are looking to expand their market base can use virtual tours technologies developed by Realbiz Media Group, Inc. RBIZsuch as Nestbuilder Agent and the Microvideo App to sell smart homes to technology-conscious homebuyers. 

Nestbuilder Agent is a tool that is accessible through listings site Nestbuilder.com. The tool allows agents to create professional agent profilesand virtual tours and videos out of listing photos. These tours can be shared automatically to the agent’s network through social media platforms and email.

The company’s mission is to empower agents with the right video marketing tools as homebuyer’s online shopping habits evolve. The company manages to achieve this through its roster of disruptive video technologies such as video content management system Microvideo App, its website-based marketing tool NestBuilder Agent, and its mobile video app called EzFlix.

The Microvideo App is a platform targeted at brokerage firms allowing brokers and their agents to collaborate in creating listing video microsites and executing marketing campaigns.

EzFlix is a smartphone app that allows agents to create, edit, and share their property videos through their tablets or mobile phones. It appears like a social network and is easy to use with drag and drop functionalities, and a timeline that keep all agents’ listing photos and videos in one place.

 “It is gratifying to see our services being adopted by key players in the real estate industry,” said Realbiz Media CEO William Kerby.

The Microvideo App is a platform targeted at brokerage firms allowing brokers and their agents to collaborate in creating listing video microsites and executing marketing campaigns.

Realbiz Media is a publicly traded company that offers its shares over-the-counter. Its stocks closed at $0.13 on Friday.

To learn more about Realbiz Media, contact sales@realbizmediagroup.comor call 1.888.REAL.BIZ (888.732.5249).