Developers gear up for more prime property launches

Property developers are preparing to launch more projects, particularly prime developments, in a booming real estate market driven by confident buyers on the back of a low interest rate environment and improving economy.

Last month’s anti-speculation measures by the government are having little effect on genuine home buyers.

According to Joseph Tan, executive director of residential services at CBRE, prospective buyers will have several choices when it comes to new launches this month with “easily half a dozen launches” coming up.

Projects in the mass market segment have been setting the pace for several months but prime developments are becoming more prevalent now.

The luxury residential market is expected to make a robust rebound, according to a report by CBRE Research.

It noted that prices of newly launched luxury projects were recorded at between $2,500 psf and $3,400 psf in Q4 2009.