Despite a slow market for properties, housing developers are not yet deterred. In fact, many of them have announced plans to launch new properties soon within a common window – before the year-end holiday season and after the festive period in the first quarter of the year.
The number of new launches has dropped from 3,500 to 2,600 units during the course of 2013, which is not heartening prospects. However, there has been a surprisingly huge turnout at some of the newest launches such as Coco Palms which has been an encouraging sign to many interested in the market.
Around 130k new units are expected to enter the market during the latter half of this year. This has triggered urgency in many current homeowners who feel the need to “clear the stock” so to speak. With this many new choices on the market with fresh new coat of paints and the novelty of being new, many old properties will have to fight harder to compete against such new launches.
Some other known information about these new launches are the pricing and sizes. A 1 bedroom unit will cost $498k and take up 463 sqft. A penthouse on the other hand could take up to a whopping 3,111 sqft, which is more than 6 times of the 1 bedroom unit!
As you can see, property analyser is already considering this year to be one that favours buyers over sellers. However, who knows – the future can change so don’t feel too down-heartened if you were planning to sell a property! Only time will tell what the final outcome is.
We hope this has been helpful in letting you make more informed choices on which property to acquire. Looking to acquire some properties on the market? No problem, New Launch has the information that you need! Simply browse our website in order to learn more.
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