Saturday, February 23, 2013

7,500 private homes to be launched in 17 new condos

Buyer sentiment still positive even after cooling measures
Feb 22, 2013 - By: Singapore

Over the next few months, around 17 new condominiums would be launched to provide some 7,500 private homes.

Buyers are expected to be spoilt for choice with projects spread across the island from Tanah Merah, Pasir Ris and Hillview to upmarket areas like Marina Bay. Some launches which are slated for release include the 912-unit D'nest in Pasir Ris Grove, 868-unit Bartley Ridge in Mount Vernon Road and the 755-unit Trilinq in Jalan Lempeng.

The Trilinq showflat opens today, with preview sales expected to come in early next month. Indicative average prices are around $1,500 psf. While some launches such as Q Bay Residences have seen strong sales despite being released after the property curbs, market watchers are waiting to see how subsequent launches would determine the buyer sentiments in the property market.

According to Ms. Chia Siew Chuin, Director of research and advisory services in Colliers International, developers are more likely to push out their projects if the results of the launches in the coming months are encouraging. She added that there is no need for projects to sell out within few weeks for developers to gauge the buying interest so long as the number of showflat visitor and buying volume remain steady.

Besides, Mr. Alan Cheong, research head for Savills Singapore said that although the government imposed harsh cooling measures, there is still underlying demand in the market. For instance, d’Leedon was able to sell well after introducing price cuts which show that buying sentiment remains positive.

However, the take-up rates could slow down in 2013. At present, a mass market project might take 6 months to sell 50-70% of its units as compared to how a smaller-sized project could easily sell 80-90% of units within 3 months previously.

Notably, high-end homes might face difficulties in lifting sales. The overall quantum for homes in prime districts 9, 10 and 11 generally cost more than $3 million and is not within the consideration of first-time buyers and upgraders.

Hence, by the time the mega Marina One project comprising of 1,042 units is released in October, the full impact of the cooling measures would be determined by the market response.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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