HOME BUYERS can look forward to a wider range of homes in the coming months, including affordable finds in low- to mid-end projects.
This comes as the boom in the luxury market is seen spilling over to these other market segments, industry watchers said.
'Given the sustainable pace seen in recent launches, coupled with optimism and great sentiment seen in the market, we can expect more launches from developers in the fourth quarter,' said property firm ERA Singapore's assistant vice-president, Mr Eugene Lim.
The firm said developers may release more than 1,000 units of mass market homes before the year is up, including those in fast-selling The Centris, Ferraria Park and YewTee Residences. 'Last year, there were no new mass market launches,' he said.
This year's launches are likely to exceed the 9,500-unit mark if developers put out an expected 2,200 to 2,500 units in the last quarter of the year, said Colliers International director Tay Huey Ying. 'This will not only be some 17 to 20 per cent more than last year's launch volume of 8,201 units, it will also be the highest launch volume seen in the last eight to nine years.'
In 1996 and 1997, developers launched about 11,520 and 9,869 units respectively.
City Developments plans to launch its 175-unit freehold condominium in Jiak Kim Street next month and possibly its 341-unit posh inner-city project at No. 1 Shenton Way towards the year-end.
Another inner-city condominium, the 428-unit Marina Bay Residences, will also be launched soon.
This weekend, Koh Brothers' two customisable bungalows in Andrew Road and Marlene Ville, comprising 17 cluster terrace units in Serangoon Gardens, are up for sale. The 472-unit Ferraria Park in Flora Drive, near Loyang Ave, is also being launched officially.
Next weekend, the 382-unit, 99-year leasehold The Metropolitan near Redhill MRT Station is expected to be released for sale. Eastern Mansion off Meyer Road will be launched in the first quarter of next year.
Mass market launches can also be expected soon. By year-end, NTUC Choice Homes should push out its 139-unit YewTee Residences next to Yew Tee MRT Station. The developer also plans to launch a 556-unit project near Tanah Merah MRT Station in February.
Until then, home buyers' main mass market choices are set to be the 625-unit The Quartz in Buangkok, Ferraria Park and The Centris, a 610-unit project located above an extension to Jurong Point and a bus interchange.
Since its release late last month, Prime Point said it has sold 380 units of The Centris at $525 per sq ft (psf) on average and expects to clear at least 400 units by the end of today.
Closer to town, The Regency at Tiong Bahru saw brisk sales since its launch less than a fortnight ago. The freehold 158-unit project is priced at $830 to $850 psf on average, and at least 95 units have been sold.
joyceteo@sph.com.sg
