What is happening to the new launches for the second half of 2020?
I believe this is one of the top questions on everybody’s minds. Many buyers are holding back on their purchases pending on two outcomes, how will COVID-19 pan out and whether developers are going to offer discounts to woo buyers back into the new launches market.
Many buyers are waiting at the sidelines, trying very hard to catch the bottom. Once there is a vaccine available, the market most likely will rally and the market sentiments will be bullish again.
Developers are holding back onto their new launches as they do not want to run the risk of their projects facing a failing demand. It will look bad on the developer and the project itself. There is a slate of new launches that have yet to be announced. Some have been announced but no details have been released yet.
New launches yet to be announced
|Midtown Modern||Tan Quee Lan Street||7||99||Guocoland|
|Jewel @ Killiney||110 Killiney Road||9||Freehold||Lucrum Capital|
|Klimt Cairnhill||69 Cairnhill Road||9||Freehold||Low Keng Huat|
|The Atelier||2 Makeway Avenue||9||Freehold||Bukit Sembawang Estates|
|Former 14/14A Nassim Road bungalows||14/14A Nassim Road||10||Freehold||Shun Tak Holdings|
|Former City Towers||325 Bukit Timah Road||10||Freehold||Japura Development|
|Former Park House||21 Orchard Boulevard||10||Freehold||Shun Tak Cuscaden Residential|
|Peak Residence||333 Thomson Road||11||Freehold||Tuan Sing Holdings and Rich Capital Holdings|
|The Landmark||173 Chin Swee Road||3||99||ZACD Group and MCC Land|
|One-North Gateway||One-North Gateway||5||99||TID Residential|
|Myra||11 Meyappa Chettiar Road||13||Freehold||Selangor Dredging Berhad|
|Former Telok Kurau bungalows||75, 77, 79 Lorong H Telok Kurau||15||Freehold||Quek Hock Seng|
|The Linq @ Beauty World||110-122 Bukit Timah Road||21||Freehold||BBR Holdings|
|The Verdale||2 De Souza Ave, off Jln Jurong Kechil||21||99||CSC Land Group and COHL|
|Clavon||Clementi Avenue 1||5||99||UOL Group and UIC|
|Pasir Ris Central Residences||Pasir Ris Central||18||99||Allgreen and Kerry Properties|
|Former Phoenix Road apartments||2-14 Phoenix Road||23||99||CNQC Realty|
|Phoenix Villas||5 Phoenix Walk||23||99||OKP Holdings|
|Canberra Link EC||Canberra Drive||27||99||Hoi Hup, Sunway|
Many people come to us asking if all these launches will be delayed. My personal sentiment is that developers are doing their best to delay the launch until the market has recovered to a certain extent. Recent news of the resumption of travel between China and Singapore, coupled with the fact that many Hong Kongers are leaving the country due to the political situation, developers are hopeful that this wave of new immigrants will be inclined to buy a property here in Singapore.
This may help the property market to recover but will spell trouble and add pressure to existing buyers who are still waiting by the sidelines for the market to bottom out.
I honestly feel that the market still has a long way to go before it can rebound, but foreign funds from Hong Kong, China, Europe are flowing into Singapore and this will provide some relief and stimulate the falling property prices. So my advice to buyers out there is still the same, do your finances and in-principle approval, zoom down on a particular project, and go for its choice units. At the end of the day, developers have a deep pocket and they are able to hold out until the deadline for Additional Buyers Stamp Duty is near.
For the latest discounts by developers, check out this video.