Refurbishment businesses have been affected by the slow property market in Singapore. According to RADAC, which represents about 80 industry players, some firms have seen business drop by up to 50 per cent compared to three or four years ago when the property market was booming. Homeowners seem to have a smaller appetite for lavish renovation works as well, with industry players saying homeowners in Singapore are now more selective about the kind of renovation works to undertake. Affordability is the key issue, with property cooling measures like ABSD and loan restrictions taking a heavier toll on finances. Such measures have already softened the property market considerably. Slower home sales naturally mean there is a shrinking pool of homeowners who want to customise a unit to their own unique tastes. It also means renovators have to fight harder to win the attention of customers.... Continue Reading