New sales volume in October is expected to maintain its momentum, according to analysts.
This is partly attributed to the launch of highly sought-after projects such as Marina One Residences (pictured), and the continued release of new units in Highline Residences for sale.
Knight Frank Singapore’s Executive Director of Residential Services Tan Tee Khoon said buying sentiment for new launches is likely to remain fairly muted as some potential buyers adopt a wait-and-see approach: “Homebuyers will remain highly selective for the next quarter, with project location and launch prices being key factors in their purchase decision.”
Moving into the last quarter of the year, developers are expected to step up on their launches ahead of the festive year-end season and school holiday lull period. Chia Siew Chuin, Colliers International’s Director of Research & Advisory said, “Taking into account the healthy sales of Marina One in the first two weeks of October as well as selective buying for well-located projects, primary market sales volume is envisaged to be in the region of 500-700 units in October.”
According to Ong Teck Hui, National Director for Research and Consultancy at JLL, the relatively small absolute numbers for new launches in September shows developers are cautious about launching too many units together, signaling an uncertainty on the market’s ability to absorb.
He added, “While the period before the year-end holidays presents a window of opportunity to secure more sales or launch new projects, developers are also concerned that too many projects being launched within a short time frame could dilute marketing efforts and sales take-up.”
However, if a project launch is deferred until 2015, he said the main concern would be how sentiments might be affected by possible slower economic conditions.
Additionally, CBRE noted Sophia Hills at Mount Sophia, Tre Residences at Geylang East Avenue 1, and Symphony Suites at Yishun Avenue 9 are expected to be launched soon.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
