It seems that those who are looking for private homes of their own are in no hurry to buy.
(The private resale market is quieter after the announcement to increase the number of BTO flats. Image courtesy of William Cho.)
Speculation of falling prices first picked up after the General Elections less than a month ago and was further encouraged by last Friday’s announcement from the new Minister for National Development Khaw Boon Wan that 3,000 more build-to-order (BTO) flats will be erected this year.
Agents speaking to The Straits Times reported that some 60% of their clients are now holding off purchasing decisions in anticipation of falling prices, opting instead to rent homes until they find the best deal.
With fewer people responding to property viewings, it looks like a calm has wafted over the private resale property market. On the other side, homeowners looking to sell their private apartments are also considering waiting out this period, for fear of competition from the new BTO flats, and in search of buyers willing to fork out more.
However, experts find it unlikely that the introduction of large numbers of BTO flats will affect the private market gravely, citing good turnouts at show flats and property launches as proof.
For instance, out of the 306 units that Foresque Residences, situated at Petir Road, have released for sale, over 120 have already been sold, at prices ranging $850-1,300 per sq ft (psf). Similarly, Pasir Ris executive condominium Belysa has had 158 – almost half – of its 315 units sold, at prices averaging $670 psf. Meanwhile, Bukit Timah development 10 Shelford, which starts at around $830,000 for a 388 sq ft unit, has only 20 of 69 units yet to be sold.
|
|
|
|
|
Related Categories: Private Residential
Tags: Belysa, BTO flat, BTO flats, bukit timah, exec condo, executive condo, Foresque Residences, Khaw Boon Wan, MND, Pasir Ris, Petir Road, private housing market in Singapore, private housing prices, private housing trends in Singapore, private resale, private resale housing market in Singapore, resale flat, singapore condo
Bookmark:
|
|
|
Comments:
Please input the captcha text :
anonymous said...
Genuine home buyers and owners will surely prefer to see a steady property market whereby their properties will appreciate in line with inflation and economic growth. Only speculators are keen to see volatility with ups and downs in order to engage in speculative activity.
June 16, 2011 2:29:00 PM
|
|
anonymous said...
That is a strange observation you have. I see viewers all over the place in D15 each weekend and new launches get sold out almost within same day. The holding back pool you are referring to, are most likely less than 20 percent of buyers and should be upgraders of HDB flats as my guess.
June 09, 2011 11:39:00 AM
|
|
|