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As we usher in the year of metal rat on 25th January 2020, the Coronavirus (COVID-19), with its epicentre in Wuhan, capital city of Hubei, China also rocked our shores.

As of today, 07th February 2020 at 12noon, there are 33 cases confirmed in Singapore, with local transmissions detected as early as 05th February 2020.  As the government raises the alert to DORSCON Orange, we see panic behaviours of the residents in Singapore rushing to the supermarket to stock up basic necessities like rice, instant noodles and others.

Back in November 2002 to July 2003, where SARS affected Singapore with 238 infections and 33 fatalities, private residential property price index fell 37 percent from the peak of 129.7 in 2nd quarter 1996 to 81.6 in 1st quarter 2003. The government had also removed the sellers stamp duty on residential homes that was imposed in 1996.

Will we see a similar impact this time round or will the real estate market be more resilient this time round?  The government has also announced that listed Singapore developers can get exemption from QC scheme as recent as 7th February 2020, in an anticipation of the supply in pipeline available.

However the situation and market may pan out, it is definitely more important to ensure that we take care of our own health, in keeping to good hygiene practises and reduce social gatherings where necessary. Be responsible to ourselves and be responsible to others too.