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Seventeen new condos primed for launch in 2013

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AROUND 17 new condominiums comprising almost 7,500 private homes in all are being prepared over the next few months.

The bumper supply stems largely from the significant release of land from the Government Land Sales (GLS) programme over the past year, although private sites are also in the mix.

Market experts are keenly watching to see how some of the more high-profile projects fare, given that the tough cooling measures imposed last month have added an air of uncertainty to the market.

There will be plenty of choice for buyers, with projects in estates across the island from Tanah Merah, Pasir Ris and Hillview to upmarket areas like Marina Bay being primed for launch.

The larger projects lining up for release include the 912-unit D’nest in Pasir Ris Grove, Bartley Ridge in Mount Vernon Road, which has 868 units, and the 755-unit Trilinq in Jalan Lempeng.

The Trilinq showflat will be open today, with preview sales expected early next month. Indicative average prices are about $1,500 per sq ft.

While Q Bay Residences in Tampines enjoyed strong sales despite being launched after the curbs, market watchers are waiting for a second successful launch to set a positive market trend.

Savills Singapore research head Alan Cheong said the healthy take-up of units at d’Leedon after a price cut showed buying sentiment was still positive, and that there is still underlying demand.

“But the take-up rates are unlikely to be as fast as last year. It might take six months for 50 to 70 per cent of a mass market project to be sold now. Previously, 80 to 90 per cent of a smaller-sized project could be sold in three months,” he noted.

International Property Advisor chief executive Ku Swee Yong said high-end homes might still face a uphill battle in lifting sales.

“The overall quantum for prime homes in districts 9, 10 and 11 is generally more than $3 million and is not within reach of the first-timer and upgrader segments,” he added.

A test might come in October when the mega Marina One project, developed by Malaysia’s Khazanah Nasional and Singapore’s Temasek Holdings as part of a land swop agreement, is launched. The project has a whopping 1,042 units.

Developers might also delay some of their launches to assess the full impact of the measures, although 99-year leasehold projects from GLS sites will face more urgency to be pushed out compared with freehold ones.

Colliers International’s director of research and advisory services, Ms Chia Siew Chuin, said if the results of the next few launches are encouraging, more developers are likely to push out their projects. “There is no need for projects to sell out within a couple of weeks for developers to gauge that buying interest is still evident, so long as showflat visitor numbers and buying volume remain and hold steady,” she added.

“This would be especially so for projects in the suburban areas, where Singaporeans make up the bulk of buyers.”

Colliers noted that from 2003 to last year, the total number of uncompleted residential homes launched for sale averaged 12,036 units a year.

Buyer sentiment significantly turned for the better from 2005, when the Government announced the development of the integrated resorts.

Developers responded by launching more than 10,000 units each year from 2006 to last year, culminating in a record 21,478 units released last year. The only exception was in 2008, when the financial crisis hit.

The brisk sales of GLS sites last year means 17,000 to 18,000 units could be launched this year.

“This could be the new norm, as the Government continues to inject a strong pipeline supply of housing units into the market until such time when demand falls to more moderate levels,” said Colliers’ Ms Chia.

(Source: The Straits Times)

 
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Posted by on February 23, 2013 in Residential

 

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Developers rolling out fresh projects as year ends

Liberte @ Sarkies Road - Freehold new launch next to Newton MRT

Liberte @ Sarkies Road – Freehold new launch next to Newton MRT

THE property market usually puts its feet up as Christmas and New Year approach, but this year looks to be an exception with a string of new launches planned.

Forget the school holidays and festive wind-down; developers are keen to push out their projects while the housing market is still healthy.

They have prepared landed and non-landed projects with thousands of units slated for release.

Launches that could be pushed out by the year end, market conditions willing, include The Whitley Residences in Whitley Road, Liberte in Sarkies Road, Kingsford @ Hillview Peak, Village @ Pasir Panjang, Echelon near Redhill MRT station, Michaels’ Residences in Chestnut Avenue, Trilinq in Clementi and Spottiswoode Suites in Spottiswoode Park Road.

At least three other executive condominium projects – CityLife @ Tampines, Forestville in Woodlands and The Topiary in Sengkang – are also expected this month alone.

The launches range from landed to non-landed homes, and mass market to high-end apartments, so home buyers with a range of budgets and preferences will be spoilt for choice.

Marketing materials for freehold strata-landed housing project The Whitley Residences in district 11, for instance, put prices at $850 per sq ft (psf) and above.

The Hoi Hup Realty development consists of 58 semi-detached homes of 5,199 sq ft to 7,104 sq ft and three terraced houses of between 4,801 sq ft and 6,620 sq ft.

The 700-unit suburban executive condominium project The Topiary will have units ranging from 753 sq ft to 2,476 sq ft. Prices range from $580,000 for a two-bedroom unit while penthouses are expected to fetch at least $1.28 million.

Online applications opened last Friday while sales will start on Friday.

SP Setia’s 483-unit Eco Sanctuary along Chestnut Avenue in Bukit Panjang recorded almost 200 sales since its preview two weekends ago, and is expected to be officially launched over the weekend. Prices start from $900 psf, say marketing agents.

But some developers have chosen to delay their launches until next year.

Tuan Sing Holdings’ Sennett Residence in Potong Pasir will be released next month, said chief financial officer Chong Chou Yuen, although marketing agents are already collecting interest.

He cited the slower festive and school holiday period as part of the reason for the later launch.

Sennett Residence will have 338 units comprising one- to five-bedders and penthouses. It will also have three 18-storey towers and a five-storey block with an Olympic-size pool at the top. Market watchers expect prices to start from about $1,400 psf.

Experts note that developers are keen to ride on the wave of robust new home sales this year.

Mr Lee Sze Teck, senior manager of training, research and consultancy at Dennis Wee Group, said: “Buying sentiment is still good and we are headed towards a record year of sales, so developers are keen to continue building on that momentum.”

Low interest rates are also supporting the market, he added.

There were 19,507 private homes sold in the first 10 months of this year – easily eclipsing the record of 16,292 sold in the whole of last year.

HSR Property Group special adviser Donald Han said prices at new launches are likely to plateau in the short term given the October cooling measures.

“But if you look at how land prices have been moving over the past few months, it looks like there could be further price upside for certain launches that take place in the second or third quarter next year after this period of stabilisation,” he added.

(Source: The Straits Times)

 
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Posted by on December 3, 2012 in General, Residential

 

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