- POSTED: 03 May 2014 19:55
- UPDATED: 03 May 2014 23:16
Expect more private homes to be launched in the coming months. According to analysts Channel NewsAsia spoke with, some developers plan to launch their projects during the current window -- after the festive period in the first quarter of the year and before the year-end holiday season.
SINGAPORE: Expect more private homes to be launched in the coming months. According to analysts Channel NewsAsia spoke with, some developers plan to launch their projects during the current window -- after the festive period in the first quarter of the year and before the year-end holiday season.
More than 3,500 units were launched per quarter in the second and third quarters last year, compared to some 2,600 units in the last quarter of 2013, according to the Urban Redevelopment Authority (URA).
The preview of the 944-unit Coco Palms in Pasir Ris started on Saturday, and as of 4pm, developers recorded about 600 visitors to the show flat. The project's marketing agents said they are encouraged by the turnout.
Daniel Lim, senior marketing director at Huttons Asia, said: "The property market is rather weak right now but Coco Palms is located only a few minutes walk away from the MRT and places like this are still very much sought after."
Prices start from S$498,000 for a 1-bedroom unit. Unit sizes range from 463 square feet (sq ft) for a 1-bedroom, to 3,111 sq ft for a penthouse.
The condominium is developed by Hong Leong Group Singapore, and comes on the heels of another launch by the group earlier this week.
The other launch, Commonwealth Towers, opened its doors to buyers on the May Day holiday. As of closing time on the first day of the launch, 210 of its 400 units released were sold.
Such new projects may be one reason why developers of older launches could be in a hurry to clear stock. About 13,000 new units are expected to enter the market in the later part of this year.
However, one property analyst said that is not the only reason.
Chris Koh, director of Chris International, said: "For developers today who have foreign ownership, they have to apply for a qualifying certificate and this comes with conditions that they have to sell all their units within two years of (getting its) TOP (Temporary Occupation Permit)."
Many of the developers here are publicly-listed and have some form of foreign ownership, and if developers are unable to meet the two-year deadline, they can apply for an extension for a fee.