Developers pin hopes on new projects as residential market stabilises

Upcoming launches include Avenue South Residence, Meyerhouse and 333 Thomson Road.

Primary home sales volume is expected to reach 9,000-10,000 units by end-2019 as Singapore's residential market attempts to achieve a new normal following last year's property curbs, according to a report from CIMB.

Also read: Developers lose pricing power after en bloc fever

The headline sales figure falls relatively flat compared to 2018 as higher number of launches offset lower take-up rates. The pace of new launches is expected to pick up from Q2 which could include UOL's Avenue South Residence and Meyerhouse, Mun Yee Lock, analyst at CIMB said in a report.

On its part, City Developments is planning to launch 2,434 residential units in 2019, from Boulevard 88, Amber Park, Haus on Handy, Sumang Walk EC and Sengkang Central sites, according to the CIMB report. Tuan Sing Holdings also expects to launch residential development projects in 333 Thomson Road within the year.

"En bloc sellers could help to prop up the resale and primary markets as they look for replacement homes," APAC Realty told CIMB, adding that Singapore property prices remain relatively competitive for China-based buyers which has been a source of strong demand.

PropNex is similarly optimistic about the residential market's turnaround as HDB homeowners upgrade to private property following the bumper crop of HDB flats that will reach their Minimum Occupation Period (MOP) in 2019.

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