Property players look beyond black January
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As they say, it is always darkest before the dawn. So it may be with the 107 private homes that developers sold last month.
The number is the lowest since the government started making available monthly home sales data in June 2007, and could mark the nadir in sales volume, property industry players reckon.
House-hunting season has just begun for the year, and buyers are expected to scoop up units in projects with appealing locations, as developers continue to price projects attractively, especially in the mass-market segment. Interest absorption schemes being offered by developers will help ease home purchases in the months to come, property consultants say.
In the first two weeks of this month alone, developers are estimated to have sold around 800 to 850 private homes, mostly from the newly launched Caspian and Alexis condos; even assuming there are no other major new launches for the rest of February, the full month's tally is expected to reach around 1,000 units. This would be the highest monthly sales figure since August 2007, notes Colliers International director Tay Huey Ying.
Home buyers can expect more offerings soon. UOL Group is said to be readying for launch next month its Double Bay condo in Simei; Far East Organization and Frasers Centrepoint, too, are expected to release a new batch of units at Waterfront Waves in Bedok in March. The latest units, which will mostly have pool views, are expected to be priced in the low-$600 per square foot (psf) range and be more appealing price-wise than the average $750 psf for reservoir-facing units released last year.
