Wednesday, July 11, 2012

Rush of property launches after recent lull

Property launches are back in full swing after a lull of a few months.
The Sunday Times - July 8, 2012

PROPERTY launches are back in full swing after a lull of a few months when several developers did not get approvals to go to the market. Others held back because of the June school holidays.

The rush of new stock promises a wealth of choice for home hunters - everything from mass-market condominiums to high-end projects.

One on display is Amerald Land's Gaia in Balestier. The 28-unit freehold project is being previewed and likely to be officially launched by the end of the month.

It is understood that some units have already been sold for an average of about $1,500 per sq ft (psf).
Sizes range from 915 sq ft three-bedders to 1,700 sq ft penthouses.

City Developments and Hong Realty are also likely to push out Haus @ Serangoon Garden soon.
Homes are tipped to cost between $2.5 million and $3 million.

In suburban Upper Changi, Koh Brothers is expected to launch its sports-themed condo Parc Olympia next week.
Sources said units could go for between $800 and $900 psf.

Punggol, where a number of projects have already been launched, is also likely to see Parc Centros being released within the month by Wee Hur Holdings.

Indicative prices for the 99-year project range from $550,000 for a 462 sq ft one-bedder to about $1.6 million for a 2,239 sq ft five-bedder. Average prices could be about $950 psf.

Prices are not available for the penthouses, which measure between 1,302 and 2,927 sq ft.

At the higher end, The Line @ Tanjong Rhu from Lakeview Investments is likely to be previewed soon with its 130 units priced from $2,000 psf.

Sizes range from more than 400 sq ft to over 3,000 sq ft.

United Industrial Corporation will roll out the 510-unit V on Shenton in the Central Business District by the end of the month, with prices tipped to start from $1 million, or over $2,100 psf.

At least one completed project is also ramping up marketing efforts to clear stock.
The 34-unit Ferrell Residences, which was launched in 2009, has taken out ads to sell its remaining units - five 1,841 sq ft homes and a 5,608 sq ft penthouse.

The five units cost between $4.2 million and $5 million while the penthouse is going for about $14.5 million.
Ferrell Residences, the maiden project for Premium Land, was completed late last month.

As well as not getting launch approval, some developers held back because of the school holidays, noted Savills Singapore research head Alan Cheong.

'I expect a flurry of activity from now until the start of the Hungry Ghost Festival,' he said.

But developers might have to brace themselves for slow sales, said PropNex chief executive Mohamed Ismail: 'Within the first four weeks, we are witnessing less than 50 per cent sales. This is set to continue.

'Buyers have more choices and people are generally more cautious... Many are taking a mid- to long-term view, so they are not in a rush to buy.

'In a buoyant market, people jostle to buy, but now we don't see that fever... The projects that will do well are those that are priced sensitively.'

Lawyer Nicholas Lauw, 31, is especially keen on prime districts and has a budget of about $1,500 psf.

'But my concern with new launches is that (they are) not value for money and smaller than older projects... I don't want a shoebox unit,' he said.

Prices of private homes rose 0.4 per cent in the second quarter, according to Urban Redevelopment Authority flash data.

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