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The recent record breaking en-bloc sale of Normanton Park to to Kingsford Huray Development for S$830.1m is just another sign of the property market recovery as we see developers like Kingsford, UOL, CDL, Guocoland and many others raising prices or reducing number of condo units for sale in anticpation of the property upturn next year leading to higher condo prices.
Kingsford Waterbay is a beautiful riverfront condo in Hougang area within mins walk to amenities, eateries and mall
In August 2017, developer GuocoLand has trimmed the number of units put up for sale at its latest condominium Martin Modern, in what is seen as a bet on private residential prices reversing course after years of decline.
Other developers also appear to share the sentiment, Chinese developer Qingjian Realty held back the second phase of its sales launch at Le Quest project, a mixed development in Bukit Batok, in anticipation of a possible upturn in the property market.
Lendlease had also put off placing new units at Park Place Residences, in Paya Lebar, on the market after launching 217 apartments for sale in March - in the hope of pricing the remaining units at a higher price. After Park Place Residences' first phase of its launch in March, Lendlease stopped making new units available.
Other developers also appear to share the sentiment, Chinese developer Qingjian Realty held back the second phase of its sales launch at Le Quest project, a mixed development in Bukit Batok, in anticipation of a possible upturn in the property market.
Lendlease had also put off placing new units at Park Place Residences, in Paya Lebar, on the market after launching 217 apartments for sale in March - in the hope of pricing the remaining units at a higher price. After Park Place Residences' first phase of its launch in March, Lendlease stopped making new units available.
Carpmael 38 is a rare upcoming freehold residential project in D15 within walking distance to Paya Lebar Square
On Tuesday (10 Oct 2017) CapitaLand announced that it will temporarily halt sale of two condo developments: Marine Blue and Sky Habitat in the hope of pricing the remaining units at a higher price next year in 2018.
Rezi 35 is a beautiful upcoming freehold apartment surrounded by eateries, amenities & near Paya Lebar MRT
Market watchers say developers are currently low on land banks, and with the additional competition from large overseas developers who see Singapore as an under-priced safe haven among many cities in the world today, developers may not be able to replenish their land bank through the government land sales and en bloc processes in time to launch new developments, so they “may be adopting this strategy in order to smooth out their cash flow” for the future.
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