There’s a strong wave of home-buying this season. Interested private home buyers are welcome to project launches with as much as 1,668 units available since May. Sale price of brand new homes have slithered up since earlier this year.
However, this buying wave may not last long since its happening too fast. Due to weak economy, rents are declining and that there’s continuous increase for new homes. There are also worries that the demand will be compromised as the stock market is having a break. In addition, several buyers purchase property using the money they have earned from stocks.
Moreover, the wave is limited to certain properties. Eric Cheng of HSR Property Group said that the feat in the resale market is chiefly in mass market properties.
Developers are eager to have sales quickly. Not only have they been rushing to obtain sales permits to seize the buying wave, but also avoiding the Hungry Ghosts month for superstitious buyers (7th month of the lunar calendar, starting August 20 this year).
SIngBuilders will introduce a 26-unit Spring @ Langsat at a standard price of $820 psf. Meanwhile, agents of Parc Seabreeze in Marine Parade promoted its process at $1,200 to $1,400 psf. Also, Far East Organisation is probably to launch the 280-unit freehold Vista Residences in Jalan Datoh some time soon. It has a special preview date on June 24, and the price ranges from $980 to $1,200 psf.
More and more properties are available at almost the same, reasonable prices.
DMG said in a report yesterday that this sales impetus may continue in the next six to nine months.