Property developers in Singapore are racing to launch as many as 15 new projects over the next few weeks.
The launches scheduled for release range from smaller developments, such as the 36-unit Everitt Edge in Everitt Road, to larger developments like the 360-unit Sky Suites @ Anson in Tanjong Pagar.
Some real estate analysts said this array of offerings could face the uncertainty that lies ahead for the market, including the unknown impact of the recent disasters in Japan.
Ms. Chua Chor Hoon, Head of DTZ Southeast Asia, said the number of units from residential projects released in February increased 45 percent from the past two months. Ms. Chua noted that if the cooling measures implemented in mid-January take effect ahead of the government’s expectations, developers will likely sell units early, as they will expect sales to decline.
However, if property prices and demand both stay strong, the chances of more government cooling measures in the next few months will lessen.
“Government intervention doesn’t always have to take the form of increased stamp duty or adjusted loan-to-value limits on mortgages,” said Nicholas Mak, Executive Director of Research and Consultancy at SLP International.
Ong Kah Seng, Senior Manager for Asia-Pacific Research at Cushman & Wakefield, also said that developers have to balance proposed launch dates with the level of current business activity. He noted that those with more launch-ready property projects will likely release them to ensure an even distribution of sales throughout the year.
Based on the feedback from real estate agents, Mr. Mak said that the number of new units sold this month is lower compared to last month’s 1,101 units. He added that while March has two remaining weeks, sales figures are expected to be lower than in March last year.