About 60 New Condo Launches Expected In 2019
By EdgeProp Singapore
/ EdgeProp Singapore |
In the pipeline for launch in 2019 are about 60 projects. Several developers have already lined up previews in January, ahead of Chinese New Year on February 5.
They include Roxy-Pacific Holdings’ Fyve Derbyshire and RV Altitude; TEE Land’s 35 Gilstead (the former Casa Contendere); One Meyer by Sustained Land; and Jervois Prive (former Jervois Green) by a consortium led by the owner of Spring Court restaurant.
Meanwhile, bigger projects such as SingHaiyi’s The Gazania (former Sun Rosier) and The Lilium (former How Sun Park) are slated to launch after Chinese New Year.
The two biggest projects that will be rolled out in 1Q2019 are the former Normanton Park (1,882 units) and Treasure at Tampines (former Tampines Court), which will comprise over 2,000 units.
Here's our full list of upcoming launches in the months ahead. However, it is important to keep in mind that expected launch dates are subject to change and the list of launches is not exhaustive.
About 60 new residential projects slated to launch in 2019
Prime districts take the lead of new-home launches
Source: EdgeProp.sg
About 40% of projects headed for launch next year are in prime Districts 9, 10 and 11. Many of these projects are freehold, and are located near the Orchard Road shopping belt and top international schools.
While the additional buyer’s stamp duty (ABSD) for overseas buyers is high — at 20% since July, from 15% previously — Singapore still looks compelling compared with other global markets such as Hong Kong, Canada, Australia and the UK, which have equally high tax regimes for foreign homebuyers.
With the spike in the number of new launches next year, the number of new units sold could range between 8,000 and 10,000 units. However, demand could depend on economic and business conditions, which are contingent on external factors such as the [US-China] trade war.
All in all, the housing market is expected to be more challenging in 2019, with exuberance already curbed by the cooling measures in July and the new regulation regarding minimum average unit sizes outside the Central Area announced in October.
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