The market is somewhat dense with many units unable to leave the sales shelves. But the buying crowd is expecting new launches to whet their appetite. And perhaps this is the indirect way to help move existing properties as new properties provide grounds for comparison. A few more choices may just help the buyer make up his mind.
Though, developers are also equally wary about providing too many choices. This may tilt the market the way of the buyer and sellers may find themselves cannibalising on one another’s properties. Instead, the consumer can look forward to a steady flow of new property launches over the second quarter, but at staggered timings.
In Q1, only 7 new properties were launched. Q2 may see as many as 11 new launches. Starting the ball rolling is The Sorrento. Sales began over the weekend at $1, 380 to $1, 600 psf. It’s situated on West Coast road and has an offering of 131 units of one- to three-bedders.
And if you’re looking for something to do on 1 May, the labour day holidays. You can visit the showflats of Commonwealth Towers. This massive 845-unit project is developed by Hong Leong Holdings. Response at its preview last Sunday was indicative of its potential, drawing a crowd of 1, 500. Selling prices are expected to be around $1, 600 to $1, 800 psf.
Most of the other projects expected to enter the market are in the city or at the city fringe districts. They include The Crest, Highline Residences, Amber Skye, Kallang Riverside, Pollen & Bleu, Marina One, Waterfront@Faber, Bijou and Coco Palms. Industry analysts are already expecting this second quarter to fare much better than the last, with 500 to 800 new private home sales.