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Real Estate Downturn Does Not Bode Well For Architects And Engineers

Fizah Hatman
Updated

This article was originally on GET.com at: Real Estate Downturn Does Not Bode Well For Architects And Engineers

The economic downturn has affected the real estate market in Singapore and the people working in it. Architecture and engineering firms are at risk of facing worse redundancies for their staff this year compared to last year.

The number of people that were retrenched or released before they ended their contracts in the architecture and engineering segments, climbed to 940, according to the Ministry of Manpower’s labour report last year.

Among the 940 retrenched last year, 7 out of 10 were professionals, managers, executives and technicians. Approximately 67% of these redundancies were attributed to the decline in the industry’s performance.

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In Singapore, there are roughly 370 registered architectural firms and majority of them are small firms.

The small firms are likely to be suffering more because they do not have sufficient means to bid for bigger projects. There is also less demand from private developers.

The downturn in the industry has caused these firms to expand their businesses and exposure outside of Singapore.

According to a Knight Frank survey released on Wednesday, more shops and shophouses were sold in auctions compared to residential properties in the first quarter of this year.

Keen To Look For A Property?

If you’re looking to buy an HDB flat or a condo, the recent decline in rental and resale home prices is a good reason to start thinking about buying seriously.

Or if you’re looking for a home loan in Singapore, use a home loan comparison site like GET.com to help you make an informed decision.

On the other hand, if you are looking to refinance your home loan, here are 4 things you can consider when comparing home loans.

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