Despite the current market outlook due to the global economic crisis, and with June school holidays forthcoming, developers from here and abroad continue to launch properties in Singapore.
Projects such as the 68-unit Residences Killiney (by Hoi Hup Reralty) and 152-unit One Devonshire (by Allgreen Properties) may soon enter the market. Expected to come to town this week are some events promoting beachside housing from Vietnam and Australia.
Research institutions, on the other hand, are not happy about the positive outlook of the real estate business in the country. Despite the increasing, but selective, demand and more upcoming supply, Nomura Singapore continues to tolerate the situation.
According to yesterday’s report from an analyst, “While a pick-up in pre-sale activity has buoyed the optimists, we believe such demand has been prompted by price discounting and IAS (interest absorption schemes)”.
On the contrary, DMG & Partners Securities encouraged the property sector to “overweight” yesterday. According to its report, though physical property prices went down in the first quarter of 2009, foreign buyers will be looking at the market more in the next six to nine months. That would mean more potential buyers for real estate developers.
Some foreign developers however, are relying on local buyers from Singapore. In fact, Indochina Land is in town to market apartment units at the Hyatt Regency Danang Resort and Spa.
Also, sales reps from Hilton Surfers Paradise Hotel and Residences are coming to Singapore this weekend to launch their units. The Hilton Surfers Paradise Hotel and Residences are on Australia’s Gold Coast.