Q Bay Residences (pictured), a new condominium project in Tampines will launch tomorrow (19 January) amid an uncertain market.
The first private residential development to be launched just a week after the government implemented strict cooling measures; it is also the first private condo to come up in the area in the last two years.
The 630-unit project is being jointly developed by Frasers Centrepoint, Far East Organization and Sekisui House, and is expected to be completed in May 2017.
According to the developers, its location is a key attraction that will appeal to buyers. Q Bay Residences is close to several amenities like schools, malls and offices, and also offers easy accessibility via major roads and expressways.
It will be launched at an average selling price of S$985 psf, with prices ranging from S$525,000 for a one-bedroom unit to S$1.7 million for a five-bedroom unit after all discounts. PropertyGuru understands that this includes a 15 percent early bird discount as well as a seven percent stamp duty discount.
Meanwhile, Frasers Centrepoint is upbeat about the property market despite analysts predicting softening demand after the latest measures were announced.
Cheang Kok Kheong, Chief Executive Officer of Frasers Centrepoint Homes told PropertyGuru: “In general, we believe that housing demand in Singapore will continue to grow with population growth and the intent of young people to start families.”
“So long as the economy continues to hold up and interest rates remain favourable, the demand for residential properties should remain well-supported, especially in districts and areas where there has been pent-up demand, such as Tampines.”
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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