Property developers in Singapore continue to launch new residential projects. A joint venture project – TID Pte Ltd – between Japan’s Mitsui Fudosan and Hong Leong Group is expected to preview its 65-unit Nathan Suites at Nathan Road within the next two weeks.
The 24-storey freehold project is expected to be priced at around $2,100 psf. The units range from 915 sq ft to 4,800 sq ft, and are comprised of two- to four-room apartments and penthouses.
Interested homebuyers can also expect at least three new 99-year leasehold project launches this week. Two of them are located at Sentosa Cove, the Seascape project by Ho Bee and IOI, and The Residences by City Developments Ltd.
The third project, which is located in the CBD area, is the 76 Shenton development by Hong Leong Holdings. The 39-storey, 202-unit condominium project comprises one- and two-room units and will be priced at around $2,000 psf.
Response to the 76 Shenton project will determine whether demand for small units has been affected by the recent introduction of stamp duty for residential properties bought and sold within a year.
Over in Sentosa Cove, the 151-unit Seascape project is expected to release 40 initial units for a private preview later this week. Prices are expected to work out to around $2,700 psf. The eight-storey project, with three- and four-room units, is expected to be completed either in late 2010 or early 2011.
CDL’s 228-unit The Residences condo project at W Singapore has two- to four-room units. Two-rooms start from 1,227 sq ft, three-rooms from 1,625 sq ft, and four- rooms from 2,067 sq ft.
The six-storey project faces the waterways, and it is expected to be completed by end-2010.
Meanwhile, Simon Cheong, president of Real Estate Developers’ Association of Singapore (Redas), said last month that developers will launch new property projects over the next few months to satisfy strong demand from homebuyers.
“Redas’s members are committed to fast track supply to satisfy demand to minimise excessive speculation in the property market,” he said. “Hopefully when demand is satisfied, there will be less pressure for future anti-speculative measures.”