Monday, December 15, 2008

About this Blog

Unsold condo units increase with TOP at The Sea View, Lakeshore, Icon, Park Infinia, St Regis Residences

At the end of the third quarter, the number of unsold units in completed non-landed developments stood at 759, up from 461 a year ago.

Number of unsold condo units may continue to increase with weak sentiment

‘This number may increase given the weak homebuying sentiment which is expected to persist,’ said Knight Frank director of research and consultancy Nicholas Mak.

Seller of TOP condos eager to let go of unoccupied units

Going ahead, there could also be a pool of sellers of newly completed, unoccupied developments eager to let go of their units. Because of the economic uncertainty, some owners of newly completed developments may be looking to offload their property instead of holding on to a big investment.

Potential Buyers may have more choices by 2009

Although most of the projects targeted for completion next year received a good take-up rate during the good years in 2006 and last year, some of them would have been sold at high prices.

‘Some buyers who have stretched their financial limits and bought multiple units may sell these units on the resale market, so potential buyers will have more choices,’ said Mr Mak.

Unsold completed units at The Sea View, Lakeshore, Icon, Park Infinia, St Regis Residences

For example at The Sea View, a recently completed condo near the bustling Parkway Parade mall, there are unoccupied high-floor units going for $930 per sq ft (psf). Caveats filed this year showed that deals had been done at $1,000 psf and above.

Other recently completed condos that still have new units available include Lakeshore in Jurong West, Icon in Tanjong Pagar, Park Infinia at Wee Nam in Lincoln Road and St Regis Residences Singapore in Cuscaden Road.

Extract:Sunday Times, 15 Dec 2008
May also want to read:
99 Leasehold Property: Calculation of Depreciation Rate based on Singapore Land Authority Data
Spore Property History 1960-2008
Property Investment Tip: Don't put all your eggs in one basket
HDB Resale Price Index 1990-2008: Graph & Chart


Post a Comment

Dear visitors:
Your comments are most welcome!

The blogger here has been affectionately named by close allies as "Smart Buyer" but really, he's not smart. Smart Buyer just believes that being prudent is smart. That's the essence of the message of this blog and Smart Buyer hopes it'll benefit other property buyers.

Smart Buyer :)