OVERNIGHT queues forming at property launches are a delight to developers for more than the obvious fact that the payback on their investment is coming sooner. As forward-looking businessmen, they would be happier still if the buyer rush is indicative of broad market confidence, not a one-shot wonder. That way, the gold rush can be kept up and new projects could be planned with more confidence. Last weekend's launch of the Metropolitan condominium in Alexandra Road saw buyers taking up position as early as 3 am. By the second day of sales, about half of the available units had been sold. The developers duly pointed out this had been achieved at the 'preview'' launch, as opposed to the 'official'' launch to come later. What the difference is, has never been of interest outside of the trade. A launch is a launch is a launch. But, no matter.
What is of interest to the buying public is whether the 'overnight anxiety'' exhibited was a throwback to the wild buying binge of about a decade ago. That was when anxious home buyers who could barely keep their budgets in balance were signing up out of fear runaway prices would put them out of reach of a condo 'next week, next month''. Many of those impulse buyers are still saddled with losing propositions. This is a lesson to recall and to relearn. The URA's property price indices are varied: strong in houses and upscale condos, stagnant in HDB flats, so-so in mass-appeal entry- and mid-level condos. Caution remains the watchword. Monitor the price trend closely, be sceptical of overnight sensations. Agents could be queueing for speculators. Buyers should be smart and realise it is in the nature of developers and property analysts to offer rosy scenarios. Some have the questionable habit of talking up the market. Expect more of this as the property market stirs. Buyers need to do their own research and discount heavily the propaganda.
