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According to Savills Residential Sales Briefing, as the global economy continues to be clouded with uncertainties, Singapore’s economy is expected to remain subdued for the rest of the year.

Here's more from Savills:

MTI has put Singapore’s GDP growth forecast to around 1.5% for 2012 and from 1.0% to 3.0% for 2013. Should the situation in Europe worsen next year, Singapore’s economic growth could slow further.

In contrast, the property market in Singapore is booming. Despite a looming supply of new homes and after various rounds of property curbs, the market has been surprisingly resilient both in terms of new home demand and price levels.

Over the last ten months alone, 19,792 new homes were sold, smashing the previous record of 16,292 transactions in 2010 by a wide margin of 21% or 3,500 new homes.

EC buyers, who were less perturbed by the cooling measures, snapped-up 3,493 new ECs in the first ten months of this year. With three more ECs – Citylife, The Topiary and Forestville – launching before year-end, 2012 will see another record-setting number of new ECs being sold, possibly over 4,000 units, surpassing the 3,935 ECs sold in 2010 and 2011 combined.

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