Artist’s impression of Park Place Residences at Paya Lebar Quarter.
New private home sales are expected to get a boost with four project launches expected by April, reported the Straits Times.
These are Clement Canopy in Clementi by Singland Homes and UOL Group; Park Place Residences at Paya Lebar Quarter by Lendlease; Grandeur Park Residences in Tanah Merah by CEL Development, a unit of Chip Eng Seng Corporation; and Seaside Residences in Siglap by Frasers Centrepoint Singapore.
This comes as developers sold just 367 new units in December, when only 90 new units were launched. On an annual basis, however, new home sales increased by seven percent from 7,440 units in 2015 to 7,972 units last year.
This year, Knight Frank expects developers to sell about 8,000 to 9,000 units amid “gradually returning interest” from local and foreign buyers.
“With more people believing that the market is now close to the bottom of the down cycle, interest in new launches will likely be sustained,” said Christine Li, Research Director at Cushman & Wakefield.
Analysts noted that pent-up demand for homes remains resilient despite the property cooling measures and weaker economic outlook.
Nonetheless, home buyers are expected to remain price-sensitive and selective, opting for competitively priced and well-located projects.
“They will transact only when they perceive a good deal… However, a rapid rise in interest rates would impact market sentiment, which may cause demand to retreat,” said Wong Xian Yang, Head of Research and Consultancy at OrangeTee.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
