THE number of new private homes hitting the market this year will likely be the highest in a decade thanks to a surge of launches recently, say analysts.
Experts say about 18,300 new homes could be released this year, surpassing the 16,500 or so last year - the highest so far in a decade - and easily trumping the annual average of 9,900 between 2001 and 2010.
The numbers have been rocketing this quarter as developers rush out homes in what is usually a quiet period.
There were several major launches in October and last month, including Sim Lian's Parc Vera condo in Hougang, City Developments' The Palette in Pasir Ris, and the CapitaLand project Bedok Residences.
More new projects are likely to follow this month, say industry watchers, bucking the festive-season trend for a sales slowdown.
Rushing to release projects earlier allows developers to ride on the prevailing home-buying momentum.
Some developers have managed to expedite the sales preparation process and shorten the period from a typical timeline of between nine and 12 months to between six and nine months.
Pushing homes out for sale now also means getting a head start on the large batch of government land sales sites that were sold this year and which are expected to debut in the market next month.
A UOL Group and SingLand joint-venture started sales of its Archipelago project last Friday with average prices hovering just above $1,000 psf. About 200 homes were expected to be launched in the first phase of sales. The UOL Group declined to reveal sales figures, adding that more details would be released next week.
Far East Organization's 231-unit The Scotts Tower in Scotts Road will be launched next week, two years after plans to reconfigure the then 68-unit luxury development into smaller units were announced.
Far East's The Hillier, a 528-unit project in Hillview Avenue, near the upcoming Hillview MRT station, and the 435-apartment The Nautical in Sembawang being built by MCC Land, will be launched within the next two weeks.
Agents said prices at The Hillier are expected to be around $1,200 psf, with 503 sq ft one-bedroom units to go for about $750,000.
Indicative prices for The Nautical are expected to range between $850 and $1,000 psf.
Source: The Straits Times – 6 December 2011
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