New curbs may delay January launches

http://www.straitstimes.com/archive/...nches-20130112

New curbs may delay January launches

But expected offerings cater to various budgets

Published on Jan 12, 2013


A SLEW of new residential projects that were expected to be launched this month may be delayed as a result of new curbs announced by the Government yesterday.

Experts say the string of new launches this month caters to various budgets with both suburban and higher-end launches coming onto the market.

But one project is going ahead. EL Development's 810-unit project La Fiesta, next to Sengkang MRT station, was launched yesterday.

It will feature 13 blocks of 15 storeys comprising one- to five-bedroom units. Dual-key apartments will also be for sale.

Unit sizes at the 99-year leasehold development range from 431 sq ft for a one-bedroom unit to 1,765 sq ft for a ground-floor apartment while average prices are expected to be between $1,100 and $1,200 per sq ft (psf).

The 630-unit Q Bay Residences in Tampines Avenue 10, a joint venture by Frasers Centrepoint, Far East Organization and Sekisui House, is also expected to preview next Friday.

Agents say average prices are around $1,050 psf.

The freehold 183-unit Spottiswoode Suites also had its soft launch recently with about 110 units sold at average prices of $2,200 psf. The official launch by developers Lian Beng Group and Centurion Properties is expected this month.

Agents are also out drumming up interest for Urban Vista in Tanah Merah by Fragrance Group and World Class Land. The project will have 582 homes and three commercial units and is expected to preview at the end of this month or early next month.

Marketing material suggests that prices will start from $650,000 with agents giving an indicative price of more than $1,400 psf on average.

A three-bedroom apartment, for instance, of more than 800 sq ft is expected to cost between $1.2 million and $1.35 million.

Landed project The Whitley Residences, which will have 58 strata semi-detached and three strata terraces, will also be launched today.

But some of this month's launches have already done well.

The freehold 52-unit development SeaSuites in Pasir Panjang, launched earlier this month, is almost sold out. Prices were at an average of $1,650 psf.

Mr Lee Sze Teck, senior manager of training, research and consultancy at Dennis Wee Group, said that developers are pushing out new projects as they had held back many of their launches in November and last month.

The year-end school holiday period and Christmas festivities typically keep home buyers away from the market.

But experts say the total number of new home sales this year might not surpass the record number last year as a cap on the number of homes that can be built on a site - which limits the number of tiny shoebox homes that can be built in a project - takes effect.

[email protected]