Residential market to see spike in new launches

Most years start at a relatively sedate pace, with just a sprinkling of new launches. Not 2019. Several developers have already lined up previews in January, ahead of Chinese New Year on Feb 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, says Ismail Gafoor, PropNex executive chairman and CEO.

In the pipeline for launch next year are about 60 projects (Photo Credit: Samuel Isaac Chua/EdgeProp Singapore)
Another slate of new launches is being readied for launch after Chinese New Year, and these are of bigger projects, including SingHaiyi’s The Gazania (former Sun Rosier) and The Lilium (former How Sun Park).
The two biggest projects that will be rolled out in 2019 are the former Normanton Park (1,882 units) and Treasure at Tampines (former Tampines Court), with more than 2,000 units. “These are also likely to be launched in 1Q2019, after Chinese New Year,” says Gafoor.
In the pipeline for launch next year are about 60 projects. “The window of opportunity for launching projects is just eight to nine months,” says Gafoor. This is after discounting Chinese New Year (February), the June school holidays and December holidays, he says.
Desmond Sim, CBRE executive director of research for Singapore and Southeast Asia, says: “Developers will definitely avoid the Hungry Ghost Month next year as well. In a bull market, people will still launch during the Hungry Ghost Month, and there will still be buyers, but not in a cautious market.”
With the ramp-up in the number of projects coming onstream, developers are also likely to deploy “all kinds of marketing strategies — from special offers at soft launches to incentivising agents — to make the best of their launch”, adds Sim.

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