In lieu of the price decline last year, property developers have held back on many launches, hoping perhaps for a market rebound. The task of attracting buyers who are becoming increasingly price-sensitive falls hard on the shoulders of property developers especially as they are restricted by a time frame in which they can hold on to their units, thus we may be seeing a good many more relaunches this year.
Some properties which were relaunched at lower prices managed to move many more unsold units. Take the 698-unit The Panorama in Ang Mo Kio for example. At it’s initial launch in January last year, only 8 per cent of its units were sold. Four months later, they relaunched and have since sold 305 units.
Buyers will however be looking out for discounts and incentives at these relaunches. And with the competition being higher than ever, with resale units adding to the private property market mix, developers may be pressed to offer attractive price baits. Huge discounts will be unlikely but properties with a higher number of unsold units and developers who are facing heftier QC fees may be those more likely to want to move these units.