The stream of new homes entering the market has been continuous and more will be coming our way in 2015, with up to 2,500 units within the next two months. Larger new residential projects ready for occupation soon include the Sims Urban Oasis and Northpark residences.
This sudden increase in supply may not necessary affect sales prices, but the number of transactions may drop as buyers hold out in wait of what the rest of the year brings. In the last month of 2014, sales were lacklustre, with the best seller being Lakeville condominium with 16 units sold. This is followed by 13 units sold at Rivertree Residences and 12 at The Panorama. All are suburban mass-market private homes. Even the executive condominium market slacked a little with only 128 units sold at the 747-unit The Terrace in Punggol.
But the later half of 2015 may hold some promise as property prices may have corrected by more than 10 per cent and property cooling measures may then be lifted. Sellers may find themselves having to lower prices as competition heats up and buyers wait out as long as they can. It is just a matter of waiting for that sweet spot to hit the markets.