Developers are jumpstarting 2012 with a slew of housing projects set to launch before Chinese New Year.
Riversound Residence, a 99-year leasehold condominium, will be launched by Qingjian Group on Saturday, while City Developments Ltd (CDL) will open applications for The Rainforest, an executive condominium (EC).
According to Mohamad Ismail, CEO of PropNex Realty, it is unusual for developers to launch new projects during the traditionally quiet period before Chinese New Year.
Ku Swee Yong, Chief Executive of International Property Advisor (IPA), explained that these early launches may be in anticipation of new cooling measures to be introduced by the government.
“I think developers are trying to launch as soon as possible to reduce their financial risk, and reduce the risk of having more new policies (aimed at cooling the market) introduced,” he noted.
“Since the implementation of the fifth round of cooling measures, developers may be looking to test market sentiment but in a cautious manner. One direct way is to offer residential projects that are attractively priced and with strong attributes to see how buyers react,” added Png Poh Soon, Head of Research and Consultancy at Knight Frank.
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