Singapore Real Estate Market Is Moving

Singapore Real Estate Market Moving Again?
Singapore Real Estate Market Moving Again?
Yes, it’s moving. Whether or not its based on good sentiments of our United States counterparts or foundations there seems to be a lot of movements in the market now with buyers shopping more often than not for the past 3 weeks.

In the Market

As a Realtor in the market, things are moving unexpectedly towards the upside with projects that I’ve dealt with. Owners are holding back to accept cheques from my fellow colleagues as their expectation might have change with the recent rally of stock prices in Singapore Stock Exchange.

It happened right in front of me, the one time my buyer offers for a particular resale unit in City Square Residences and was rejected, the next day it got sold. And it didn’t happen just once. The one day that one of my buyer wanted to match the expectation of a sub-sale unit, the owner has sold it the night before hitting a considerable good target price for this market.

Developers are Adjusting Prices

Double Bay Residences in Simei by UOL & Kheng Leong
Double Bay Residences in Simei by UOL & Kheng Leong

Property Giant Far East Organisation has been quietly adjusting its prices for their new projects like the Mi Casa condo in Choa Chu Kang, The Lakeshore in Jurong, Hillview Regency in Bukit Batok, Floridian at Bukit Timah Road (non-premium units), and Vida at Peck Hay Road.

UOL and Kheng Leong have adjusted their price units slightly higher for the better units at Double Bay Residences.

Bukit Sembawang have also nudged its price of The Verdure higher after the initial launch.

CDL’s hotcake, The Arte have also seen a little price hike on their units as their sales take momentum.

Developers are moving in tandem together to show the market that the price is picking up with the clear buying momentum that the buyers are coming back.

End of the Bottom?

I’m sure if you ask any of the ethical agents out there, they’ll tell you they’re unsure. I wouldn’t know whether the market direction is heading towards the north or the south, but its edging more towards the upside for the moment because of buying momentum.

Again, buying a Singapore property at this time would be safe since we’re still at a bottom curve, whether is it or not if its heading for a correction towards the down or upside. One thing, the property market cycle is getting shorter and shorter as compared to the 7 years guideline we hear from gurus previously.

For people who’re buying for their own stay (and to make some capital gains at the end to move out), this is still a good time to start looking and locking in with the low bank interest rates.

And for home owners or investors who’re taking the chance to exit the market, this would probably be your best golden opportunity to do so, unless you’re betting again that the market is moving towards your favor.

The Arte by CDL is Moving Well. Mid Tier Market is Moving

The Arte by CDL
The Arte by CDL

The Arte sales has been moving and has sold 60 units till date with a mean average price of $880psf, out of the 100 units released of the total number of 336 (which means its about 17.5% sold).

Most units sold are smaller 2 – 3 bedrooms, but with sizes which are bigger compared to recently launched projects. Location of The Arte @ Thomson is well appreciated as it’s within minutes of driving distance to town.

The Arte’s developer CDL is also offering Interest Absorption Scheme to buyers. Potential buyers who are interested in the layouts and details of The Arte can download this pdf. CDL will be launching more units this weekend for sale.

Mid-tier markets are now moving healthily with numbers as developers are taking advantage of the recent better sentiments in the market with the success of Caspian, The Alexis that pushed February 2009 overall home sales to a very healthy level. We should expect good numbers for March 2009 as well.

There’re many new launches and relaunches in the pipeline waiting to tap the craze. These includes:-

  • Double Bay Residences by Kheng Leong & UOL (Simei)
  • Mi Casa by Far East (Choa Chu Kang)
  • The Mezzo by SB Development (Balestier)

and many more.

Will the resale market pick up with the new launches? We’ve yet to see but the gap between the buyers and sellers on the resale market is slowly closing in.

To register your interest in any of the mentioned projects above, feel free to contact me for a VVIP pass to the showrooms.