Local And Foreign Developers Still Offering Properties

Source : The Business Times, June 11, 2009

LOCAL and foreign developers continue to offer properties in Singapore as market sentiment stays up and the June school holidays come around.

BT understands that projects such as Residences @ Killiney and One Devonshire may enter the market soon. And marketing events for beachside housing in Vietnam and Australia are coming to town this week.

One Devonshire: It has 152 units, consisting of two to four-bedders, sky suites and penthouses

Agents are now checking out interest in the 68-unit Residences @ Killiney by Hoi Hup Realty. The freehold project, near Somerset MRT station, comprises two to four-bedders and penthouses, and prices may start from $1,700 psf.

Preparations to launch another freehold project in the vicinity also appear to be under way. The 36-storey One Devonshire by Allgreen Properties has 152 units, consisting of two to four-bedders, sky suites and penthouses.

Research houses are divided on the outlook for the residential property market here. Considering that demand has been selective and more supply will be coming up, Nomura Singapore remains bearish on the sector.

'While a pick-up in pre-sale activity has buoyed the optimists, we believe such demand has been prompted by price discounting and IAS (interest absorption schemes),' its analysts said in a report yesterday.

In contrast, DMG & Partners Securities upgraded its call on the property sector to 'overweight' yesterday. Physical property prices may have bottomed in the first quarter of this year and more foreign buyers may enter the market in the next six to nine months, according to its report.

In the meantime, some foreign developers are counting on buyers from Singapore taking up their properties. In town today, Indochina Land is marketing apartments at the Hyatt Regency Danang Resort and Spa in Vietnam. Prices range from US$207 psf to US$326 psf, and a three-bedroom penthouse can cost up to US$895,000.

Sales representatives for Hilton Surfers Paradise Hotel and Residences on Australia's Gold Coast will be in Singapore this weekend to launch units which are priced from A$720,000 (S$833,800). Construction of the property was halted as the financial crisis hit the original developer last year, but it has resumed with the help of ANZ and Brookfield Multiplex.