Developers are already making a head start in the early part of 2020 with already three freehold projects launches in Districts 9 and 10. Above: Van Holland
Developers are already making a head start in the early part of 2020 as three freehold projects – Van Holland, Leedon Green and The Avenir – have started sales in prime Districts 9 and 10, reported The Business Times.
“Developers are trying their best to launch first, and see what happens. They don’t have 20/20 visibility with regards to the government’s intentions around the macro-prudential measures,” explained Alan Cheong, Savills executive director for research and consultancy.
Located in district 10 and along Holland Road, Van Holland will offer 69 units housed in three blocks. They will have sizes anywhere from 495 sq ft to 1,991 sq ft and will have prices starting from S$2,600 psf. Public sales for Van Holland will begin on 11 January.
Leedon Green, a District 10 project that’s expected to TOP by 2023, offers 638 units with sizes ranging from 474 sq ft (one- bedroom units) to 1,496 sq ft (four-bedroom units). It will also feature four-bedroom garden villas sized anywhere from 2,400 sq ft to 2,680 sq ft.
Prices for its units are at S$2,643 to S$2,786 psf (one-bedroom units), S$2,523 to S$2,768 psf (two-bedroom units), S$2,545 to S$2,731 psf (three-bedroom units) and S$2,560 (four-bedroom units). The four-bedroom garden villas are priced at S$2,420 to S$2,569 psf.
The Avenir, located in district 9, offers 376 units with sizes ranging from 527 sq ft (one-bedroom units) to 2,411 sq ft (four-bedroom units). Early-bird prices start at S$2,930 psf (one-bedroom to three-bedroom units) to S$3,030 psf (four-bedroom units), with units to be launched for sale starting 11 January.
Huttons Asia sees 40 to 50 projects to be launched in 2020, with around 50% located in the core central region (CCR).
“Ultimately, projects with a good location and strong positioning will do well in the market,” said Lee Sze Teck, director of research for Huttons Asia.
Colliers International, meanwhile, believes that this year might see 6, 13 and 1 projects launched in Districts 9, 10 and 11 respectively (In our own PropertyGuru Market Outlook 2020 report, we predicted that there will be 33 project launches in 2020, including ECs. See them here. We also said that District 7 will overtake District 9 as the most expensive district, here’s why).
Tricia Song, head of research (Singapore) for Colliers, pointed out that even though this is a relatively decent sell-through rate based on the price points, it needs to be seen if all inventory will be moved within four or five years.
“Hence, developers may want to gain a first mover advantage within a locality by launching a project earlier or within a short period of time for potential buyers to compare the various offerings,” she added.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org