New property launches to welcome by April 2017

Come the fourth month of the year, and the property market will be seeing as many as four new property launches spicing up the mix. Sentiments have been looking up of late as more buyers are coming to terms with the market reaching the bottom of the cycle, and these new launches may welcome increased interest from buyers. Property analysts are expecting up to 9,000 new home sales this year.

ClementiCanopyPhoto credit: www.theclement-canopy.com.sg

The 4 new upcoming launches buyers can look forward to are:

The first project expected to launch as soon as next month is the 505-unit Clementi Canopy. Though recent trend has shown smaller units as being more popular with buyers, this development will feature mainly 2-bedders to 4-bedders sized between 635 sq ft to 1,500 sq ft, with the former making up almost a third of the units.

Paya Lebar Quarter_LendleasePhoto credit: Lendlease

One of the more exciting projects from the list above is Park Place Residences at PLQ. It is Lendlease‘s first residential project in Singapore and the rejuvenation plans for Paya Lebar, to build an integrated development in Paya Lebar Central, may be the nectar that attracts buyers. The project is directly linked to the Paya Lebar MRT station and will also include residential units with a range of 1- to 3-bedroom apartment units, 3 office towers and a retail mall with more than 200 stores. Successes of previous launches and sales of similar projects such as NorthPark Residences and The Poiz Residences are signs of assurance for the developers that take-up rate will be positive.

 

Kovan – Golden apple of the North

That could very well be Kovan‘s new name. A number of new private condominiums launched in its midst pushed sales up with its recent slew of affordable new homes. And one interesting fact you may not know – Kovan, part of Hougang, is a largely Teochew community. And most of the investors thus far have been local heartlanders who have lived or are familiar with the area.

TembusuIt has no lack of amenities with retail hubs such as Heartland Mall and Upper Serangoon Shopping Centre, plus its accessibility to the CBD and city centre has increased its popularity. Nearby are Dimensions International College and Paya Lebar Methodist Girls’ School. Kovan is efficiently serviced by the North-East Line (NEL) and expressways connect to the city centre in just under 20 minutes. However, as the area becomes more built-up, traffic congestion becomes an imminent issue which property buyers may want to consider.

The most recent condominium launch is The Tembusu, situated just 400m away from the Kovan MRT station. Other private properties in the area include Kovan Regency, Bliss @ Kovan and Kovan Residences. Average selling prices for new units at The Tembusu are at $1,400 psf, $1,387 psf at Bliss @ Kovan and $1,280 psf at Kovan Regency.

Kovan ResidencesKovan Residences is an older development and already resale units are going for 14 per cent higher than last year at $1, 283 psf. It helps that rental prices are relatively high, propped by potential tenants who work at the Defu, Kaki Bukit and Paya Lebar areas. Is Kovan the new gem of Hougang and will prices of property in Kovan overtake those in the other areas of Hougang?