After a quarter of being in the doldrums, the mood in the property sector may lift a little next month as private home sales are expected to rise, mainly due to the increase in number of new property launches this last quarter of the year.
Some of the major launches which have already started things off on the right note include Forest Woods in Serangoon and Queens Peak in Queenstown. Both properties are situated near MRT stations and will no doubt be popular with buyers and investors who often look at the location and potential sales and rental yields. The Alps Residences in Tampines which launched last month has been enjoying the attention from buyers and have been selling well.
Property analysts are in fact expecting Q4’s property figures to exceed that of 2015. The total number of private homes sold last year stood at 7,440 units; and this year’s predictive numbers are between 7,500 and 8,000. Some of the best-sellers in the private home segment include Lake Grande in Jurong, The Trilinq in Clementi, Kingsford Waterbay in Serangoon, The Glades in Bedok and Sophia Hills in the fringe of the city. For October alone, sales volume looks set to exceed the 1,100-units mark, the highest number of units sold in a month this year.
While interest rates remain low, buyers are more savvy about where they put their money, and are more likely to look at new, uncompleted units, especially with some developers offering incentive schemes that benefit the financial plans of buyers without cash liquidity, which do not yet require immediate rental yields to help tide them over the market lull.