The BT reports today that some developers plan to go ahead with property launches despite uncertain market conditions brought about by the government’s latest move to cool rising prices.
There will be at least three new launches in the next two months:
• OUE will officially roll out Twin Peaks, a high-end project at Leonie Hill Road, on September 18.
• Frasers Centrepoint has said it will go ahead with the launch of Esparina Residences – an executive condominium (EC) project at Sengkang – in October as planned.
• MCC Land is also scheduled to launch The Canopy – another EC project – in October.
The launch of the EC projects suggests developers are confident of demand for such homes. HSR executive director (agency) Jeffrey Hong points out that the EC market is unlikely to be significantly affected by the new rules.
ECs cater largely to first-time home buyers – people who genuinely need a home, he noted. Also, even before the new rules set in, EC owners already have to adhere to a five-year minimum occupation period before they can sell the units.
However, the launch of Cityscape by IOI group and Kim Seng Heng Realty will apparently be pushed back because of the market uncertainty. City Developments’ NV Residences is slated for launch this quarter, but no date has been set.
Measures introduced by the government last week to cool the property market have pushed some home seekers to the sidelines. They are trying to work out the impact of the tighter rules that cut the amount they can borrow if they already have a housing loan, or restrict them from owning public and private property at the same time.
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