Property market slowdown forces home renovation companies to close

SINGAPORE — The slowdown in the property market, under the weight of policy measures and loan curbs, has impacted the home renovation industry in Singapore.

The Renovation and Decoration Advisory Centre said, in the past two weeks, three to four of such companies have told them that they are thinking of calling it quits.

Mr Tan Chim Hoon, president of Renovation Contractors & Material Suppliers Association said: “Previously we will engage more workers (during Chinese New Year), but now we cannot do that because first, the levy is very high. And if you employ more workers, you must make sure (for the) following day, you have got jobs for them to do.”

According to data released by the Housing and Development Board (HDB) on Jan 24, the volume of HDB resale transactions hit a record low last year — with only 18,100 units changing hands.

Fewer private homes were also sold last year, as compared to 2012.

And while more new HDB flats are being launched, businesses say some of the flats in the premium category are better furnished and require less renovation works.

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