Three new projects held their previews last weekend. These are expected to shed more light to investors on the state of the market for private residential housing.
According to analysts, based on the fast sales recorded at the launches of The Alps Residences and Forest Woods, it is expected that buyers will be interested in smaller units in the projects that are coming up.
Analysts have the opinion that buyers are interested in value. For instance, the Forest Woods uptake is a reflection of buyers willing to pay more for strong attributes. Also, city fringe new projects could attract more interest due to their proximity to CBD and lower prices in comparison to those in prime district.
Queens Peak is the city fringe project on preview last weekend. The 736 unit project on a 99-year lease is located on Dundee Road near Queenstown MRT. Its indicative price range from $1,430 -$1,830 psf with one bedders price starting at $ 680,000 and 5 bedrooms unit at $2.96 m.
(An image of the Queens Peak facade)
The project will be grouped into Botanic collection having 1-3 bedders from 8th -26th floors and Skye Collection having 3-5 bedders and penthouses from 28th – 44th floors.
The freehold 38 Jervois in prime district 10 is a bit expensive with price starting at $ 2,100. The project has 27 units comprising of 21 units of 1-3 bedrooms and 6 penthouses. A 1 bedder measures 474 sq ft and a 2 bedrooms plus study penthouse is 1,098 sq ft.
The cheapest alternative being previewed this weekend is Parc Riviera at about $1,250 psf. Located in West Coast Vale, the project by EL Development is on the leasehold of 99 years and has 752 units. 64% of the units are 1 and 2 bedrooms apartments.
The new launches are expected to push the sales of new homes to 1000 units in a month starting next month. However, market watchers are of the opinion that it is still early to declare that property market has recovered.
For those investors seeking overseas exposure, there is a launch on Saturday 22 October by CapitaLand in Ho Chi Minh City for its latest residential development in Vietnam – D1Mension.