November heralded a boom to the private property market. But as the month draws to an end, so does the interest. In the weekend past, sales were slower and many developers were resorting to price cuts to attract customers.
At Clermont Residences in Tanjong Pagar, possibly the tallest residential building in Singapore when it’s completed in 2016, approximately 10 units were sold at $3, 000 psf. But that could be due to the high price tags of the units, including a $30 million “super penthouse”. As the property-buying crowd become more experienced, they are leaning towards less expensive options and smaller units in suburban developments are more palatable for the immediate investor.
Alex Residences in Redhill launched just a couple of weeks ago to a good deal of activity, but most of that has tailed off, with only about 20 units sold over the weekend at an average of $1, 680 psf. The other recent new property, DUO Residences fared slightly better, mostly because of its relatively lower prices, especially for something so close to the CBD and Orchard belt.
And now the record launch of close to 9,000 new HDB flats, and the upcoming festive season, will sales dip even lower?