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Daily Briefing: Property prices to slump amidst rising unemployment; O&G impairment charges to curb Singapore banks' profits
And find out what Greyloft startup has to offer in the property market.
With more people suddenly finding themselves with no jobs, the property market has no choice but to succumb to the pressure, lowering their prices to better attract future buyers.The market is expected to move in two directions, with prices in the Core Central Region (CCR) set to bottom out, while those in the Rest of Central Region (RCR) to witness declines of up to five percent. Check out the full story here.
Singapore's three largest banks are expected to see their earnings fall this past quarter as they suffer from higher impairment charges for their loans to the struggling oil and gas industry. Bank profits have also felt the pressure from the lacklustre domestic economy and the slump in the Singapore interbank offered rate to a one-year low. Read more here.
Greyloft has recently raised $1.1 million in seed funding to achieve its goal of rebirth in the real estate market. It is aiming to give buyers and sellers digital platform to help with residential sales and lettings end-to-end. The second is to create business for its real estate agents. Get to know Greyloft by clicking here.
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