SINGAPORE: Some 850 private residential homes will be launched in an upcoming project in Queenstown next month.
Another close to 1,000 units can be expected from two other projects located near Tanglin Road and the Tiong Bahru area.
But despite the increase in supply, property watchers said they do not expect developers to offer big discounts to attract buyers.
Instead, developers are likely to intensify marketing efforts, as in the case of Commonwealth Towers condominium, near Queenstown MRT station.
The 99-year leasehold project will be launched early next month, but sales agents are already handing out brochures at its site.
Prices are expected to range from S$1,500 to S$1,600 per square foot.
Ku Swee Yong, CEO of Century 21 Singapore, said: “For now, because interest rates are still very low, the holding power of developers is good. So the price war is not that apparent yet.
“There may be sellers willing to give a little bit of discount. But overall, for the better-placed units, for the higher floor units with unblocked views, developers will still expect market-related prices.”
Credits: Channel NewsAsia