Recently, you might have heard lots of debates among your friends or colleagues arguing whether are we experiencing an upturn in property market. Well, like it or not, even thought some sectors is not performing well in Singapore, our property market had indeed bottomed up and is on the verge of an upturn, based on all the sales statistic in the primarily market (also known as new launch) since year 2016.
In every market situation, there are always two camps that you will encounter, and it really depend which sectors are they holding in their current job. If they are in the oil and gas industry, trust me, non of them will tell you that they are expecting market to be good. But if you are speaking to friends who are in the e-commerce sector, they will simply tell you that their market had been never that good as compared in the past.
Like it or not, and especially for those friends residing in those sectors that are not performing well, Singapore property market had already hit a bottom and is experiencing an uptrend movement. Of course, they will complain that everything in property is so expensive. Rather than arguing with them, you might want to consider asking them how expensive it is to owe a property in Hong Kong right now, I bet they don’t have an answer for this.
As a neutral individual, what I can analyse is that Singapore property market is gradually moving towards Hong Kong’s trend, that is, sizes will get smaller and smaller down the road and psf will get higher and higher, especially to freehold property, which is consider really sacred in today’s context.
In the next few months, Singapore will experience another few more rounds of new launch before ending 2017 with a bang. The nearest upcoming project will be Parc Botannia at Fernvale, which is near to the fully sold out project High Park Residences. Reliable source indicating that the average PSF will be in the region of $1100psf on average.
At the same time, two freehold boutique development, namly Rezi 35 and Carpmael 38 will be launching before end of this year.
Lastly, all eyes are actually on the last luxurious new launch called New Futura. This development had already obtained its TOP and it is unsure when CDL, the developer, will be releasing this project for sale.
It will not be surprised that all these developers will price their project on the higher band price, given the pricing of Kandis Residence, which is located in an unproven location but yet demanding a premium of $6xxk for a 484 sqft one bedroom.