Southeast Asia’s largest property developer, CapitaLand, plans to launch 1,700 new homes this year, as it rides on the expected 10 to 15 percent growth in luxury home prices.
“We remain bullish about (the prospects of) the residential market in Singapore, particularly for the segment our products are in,” said Wong Heang Fine, CapitaLand’s chief executive for Singapore residential arm.
Prices of private homes will increase between five percent and 10 percent this year after a 17.6 percent increase last year. This will benefit the company, which plans to launch another 1,700 upmarket units this year in five projects – Urban Resort Condominium, d’Leedon, The Nassim, The Interlace and the residential component of a new project at Bedok Town Centre.
Excluding the Bedok Town Centre development, the four projects will all be luxury or high-end offerings.
Though The Nassim and Urban Resort Condominium will be officially launched in Q1 2011, CapitaLand has already started marketing the projects, while sales at the 55-unit The Nassim project have yet to start.
CapitaLand will also release more units in two projects it launched in 2009 and 2010, Interlace and d’Leedon. This will be followed by units in Bedok Town Centre, on the site which the developer acquired through government tender last year.
Liew Mun Leong, CapitaLand’s chief executive, said the company is also looking to replenish its land bank and is interested in sites made available through collective sales and the government’s 1H2011 GLS programme.