At the start of 2017, the new private residential home market is likely to see four new launch condominiums by April.
On the list of launches that are forthcoming, includes the best profile condo development, Park Place Residences at Paya Lebar Quarter (PLQ) ) part of a $3.2 billion project by Lendlease and Abu Dhabi Investment Authority with a total of 429 units,ranging from one to three bedrooms.
Park Place Residences at PLQ is anticipated to launch in March or April, will be one of the first massive integrated developments in Singapore. It functions as a retail mall with 200 stores as well as three office towers, boosting Grade A offices, similar to Marina One. Marina One Residences saw a snap sale of 1 bedroom among local and foreign investors as its first tower launched, with more investors queuing to get their hands on the second tower, expected to launch second half of 2017 or early 2018.
Among these new launch condominiums, right at next to Paya Lebar MRT station, Park Place Residences is top in any investor’s short list. Among all bedrooms type, one-bedroom with its lowest quantum priced is the most affordable. Real estate resources speculate indicative price of one-bedder at Park Place Residences from $780,000.
Head of research and consultancy at OrangeTee, Mr Wong Xian Yang supported our analysis saying, “(Such projects) are expected to attract good demand, looking at the take up rates of previous launches such as North Park Residences (77 percent sold) and The Poiz Residences (80 percent sold).”
First two new projects launching ahead of Park Place Residences, is Grandeur Park Residences by CEL Development and Clement Canopy by UOL and Singland.
Grandeur Park Residences by CEL Development is only minutes to Tanah Merah MRT station, with a child-care centre, two commercial units and a total 720 residential units, ranging from one to five bedrooms. Real estate experts using near-by projects such as The Glades as price guide, expecting Grandeur Park Residences to be about $l,300 to $1,400 per sqft. “The residents will enjoy exclusive Grandeur Park Club membership where complimentary fitness and lifestyle classes will be given,” said a spokesperson for CEL Development.
Among all the new launch condominiums, Clement Canopy in Clementi by UOL and Singland is the only development with no one bedroom type while its two bedrooms covers a third of the total 505-residential units. Clement Canopy is expected to attract investors looking into getting rentals from NUS, as well as its neighbouring institutions, holding a good number of expats and foreign students. Guide price might range from $1300 to $1400 per sqft.
Following these three new launches, Seaside Residences in Siglap by Fraser Centrepoint Singapore will sell its 843 residential units, ranging from one- to five-bedroom apartments and penthouses.
With its close proximity to East Coast Park and the future Siglap MRT station, Seaside Residences could be priced between $l,550 and $1,650 per sqft, in accordance with analysts.
Despite last month new homes transactions to be lowest in the last 10 months, selling only 367 new homes by developers, the number of new homes sold last year still reached 7,972, up by about 7 percent from 7,440 in 2015. This is due to the gradual return of interest from both locals and foreign buyers, Consultancy firm Knight Frank speculates an increase in transaction volume of around 8000 to 9000 units in 2017 amid the weaker economic outlook and property cooling measures.
Cushman & Wakefield research director Christine Li commented “With more people believing that the market is now close to the bottom of the down cycle, interest in the new launches will likely be sustained.”-according to Straits Times.