Companies looking to develop properties on the island are completing residential property projects at an increasingly rapid pace. Riding the cusp of a strong local economy, some developers unveil their products after just five months in a bid to reap the strongest possible returns.
(The exclusive property development of Sentosa Cove took a relatively long time to complete, compared to the newer projects coming to market.)
The Kovan Grandeur and Prive executive condominium, by NTUC Choice Homes Co-operative and Chip Eng Seng, were two examples that had such quick turnaround times. Other projects were completed within 6-11 months, research from CB Richard Ellis shows.
This was not the trend just a few years ago, when many projects took at least a year until completion. Some, such as The Residences at W Singapore Sentosa Cove, took 44 months.
Joseph Tan, the executive director for CB Richard Ellis, commented that developers are driven to act now, whilst the market is still strong. He added when speaking to The Business Times that “In the past two years, we have observed that the turnaround time for projects has been reduced to less than 12 months.”
Mr Liam Wee Sin, President of UOL Group, explained to BT that developers are quick to seize opportunities when they see them. “Developers look for periods, or windows, to launch their projects. They want to catch this window and cater to home buyer demand when it is strong.” He added that suburban sites offer a strong advantage to companies who move quickly, as the government may offer more land for tender to cater for the growing population’s private home needs.
In 2009, UOL tendered construction for the 20-unit condominium Waterbank, situated at Dakota Crescent. They won the site in September and had completed it by March 2010. The current mood means that companies will now often finalise building details such as technical building requirements as soon as they have won a site.
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Related Categories: General, Private Residential
Tags: CB Richard Ellis, Chip Eng Seng, condo, condominiums, Dakota Crescent, executive condo, Executive Condominiums, homes, house rental, Kovan Grandeur, new property development, NTUC Choice Homes, Prive, property developers, Residences at W, Sentosa Cove, singapore condo, singapore property, Singapore real estate, UOL Group, Waterbank
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