Investors reading the tea leaves on the state of the private residential market can expect fresh clues to emerge this weekend with three new projects on preview.
The trio are neatly spread across the main regions and price points, with boutique development 38 Jervois in the prime District 10, Queens Peak on the city fringe, and Parc Riviera in the suburbs.
Going by brisk sales at recent launches Forest Woods and The Alps Residences, analysts expect home hunters to pick up smaller units again at upcoming projects.
“The underlying demand is still there, but buyers are looking for value. It is still a play on unit sizes and overall quantum,” said Mr Desmond Sim, head of CBRE Research for Singapore and South-east Asia.
Consultancy Knight Frank said the encouraging sales at Forest Woods – near Serangoon MRT station and Nex shopping mall – on its first weekend “reflect a possibly new price acceptance level for projects with strong attributes”.
“There could be more interest for new project launches going forward, especially projects on the city fringes, where they present the dual attributes of close proximity to the city centre and lower prices compared with prime district projects,” noted Knight Frank Singapore research head Alice Tan.
The city-fringe project being previewed this weekend is Hao Yuan Investment’s 736-unit Queens Peak in Dundee Road, which has direct access to Queenstown MRT station.
Indicative average prices at the 99-year leasehold project range from $1,430 per sq ft (psf) to $1,830 psf, with starting prices ranging from $680,000 for a one-bedder to $2.96 million for a five-room unit.
Hao Yuan Investment said yesterday that the project will be grouped into two collections – Botanic Collection, comprising one- to three- bedroom units from the eighth to 26th floors; and Skye Collection, with three- to five-bedders and single-storey penthouses from the 28th to 44th floors.
Buyers with deeper pockets might look to freehold 38 Jervois being developed by Prominent Land. The preview will be held at The Luxe Art Museum in Handy Road.
The 27-unit project has 21 one- to three-bedroom units and six penthouses, with an average price of $2,100 psf onwards, the developer told The Straits Times yesterday.
Unit sizes range from 474 sq ft for a one-bedder to 1,098 sq ft for a two-bedroom plus study penthouse. Prominent Land said the starting price for a one-bedder is $1.08 million; for a two-bedder it is $1.48 million; and for a three-bedroom unit, it is nearly $1.81 million.
It had acquired the site with a detached house at 38 Jervois Road from a person understood to be Mr Eng Fook Hoong in February last year for $25 million, or $1,686 psf.
The mass market project to be previewed this weekend is the 99- year leasehold Parc Riviera in West Coast Vale by EL Development.
The average price of units is expected to be about $1,250 psf, with a total of 752 units up for sale, about 64 per cent of which are one- and two-bedroom apartments.
Market watchers expect these project launches to push new home sales past 1,000 units a month this month and next, but it is too soon to declare that the property market has turned a corner. “I think the trough is very near… the market will see a comfortable landing, but don’t expect it to take off quickly. It’s likely to be a U-shape recovery,” said Mr Sim of CBRE Research.
For investors looking for overseas exposure, CapitaLand is launching its latest Vietnam residential development in Ho Chi Minh City – D1Mension – at The St Regis Singapore tomorrow.