Little change to property launch prices, dates
http://www.businesstimes.com.sg/arch...dates-20130115
Published January 15, 2013
Little change to property launch prices, dates
Developers expected to work around cooling measures
By zeinab yusuf saiwalla
[SINGAPORE] A number of developers appear to be standing their ground on the dates of their property launches and the prices for their recently launched or soon-to-be launched projects.
A straw poll of eight property agents and developers yesterday, the first full working day after the unveiling last Friday of a slew of measures designed to cool down the property market, appeared to indicate this.
BT spoke to property agents involved in the sale of private condominiums such as Trilinq, Kingsford @ Hillview Peak, Liberte and Spottiswoode Suites.
Prices at the recently launched Liberte in Sarkies Road off Bukit Timah Road, for instance, are still at the level before the announcement by the government - the starting price of the two-bedroom apartments (approximately 743 sq ft in size) in this 46-unit development by Ellamount Investments is still $1.8 million.
In previous rounds of cooling measures, developers were reported to have doled out furniture vouchers and stamp duty reimbursements to keep their projects attractive to potential buyers.
SLP International's head of research Nicholas Mak pointed out that it may be still early days yet: "There is still a lot of uncertainty as to what will happen, going forward, because everyone is waiting to see what the other does."
But agents for Kingsford @ Hillview Peak think that the developer, Kingsford Development, will get round to offering more attractive pricing when the condominium is launched late next month or in early March.
However, they noted that because the development is targeted at first-time local homeowners, the majority of these buyers are unlikely to be hit by the measures, which are designed to curb property speculation and are aimed at those buying their second or subsequent property for investment.
A 5-7 per cent reduction in prices is expected at the Saturday launch of the 630-unit Q Bay Residences, a joint venture by Frasers Centrepoint, Far East Organization and Sekisui House in Tampines Avenue 10.
Cheang Kok Kheong, the chief executive of Frasers Centrepoint Homes, said: "We had a particular price we were working on, but we probably have to adjust it because the public expects it, so units will be something below $1,000 psf."
A property agent who declined to be named said: "Having been in this industry for years and witnessed the numerous cooling measures, I have never seen developers change the absolute prices of properties. They might make tweaks but at the end of the day, they will still find ways to sell it at the price they want."
He added that cooling measures are designed to warn buyers to be sure that they are buying the best property and are not playing the market.
