Singapore is a small country but its population is quite large as compared to the square foot area of the country. The government has been constantly accommodating people by providing them with basic necessities of life, which also includes housing facilities.
Sotheby’s checked on the current government land sales (GLS) local plots and additionally checked those fruitful aggregate deals and made a rough estimation of a time of nine to a year for the GLS locations to get all arranging endorsements preliminary to being launched and available to be purchased. They also estimated a time frame of 15 to year and a half for the aggregate purchasing of sites
According to a list published by Sotheby’s International Realty Singapore, this year HDB (Housing Development Board) has decided to inaugurate 17,000 new flats and up to 29 housing projects. These projects will be providing 14,200 homes approximately. These 29 sites have been acquired by the various development agency in the middle of 2016 and August last year.
Six of these sites are based in core regions of Singapore like Orchard Road, 13 in the regions like TanJong Rhu, 10 in the outside regions mostly the outskirts.
Although the number of these sites and the houses to be launched looks like a huge figure, but it is not! These kinds of initiatives have been taken previously, and it’s not impossible or unparalleled to achieve it.
Minister for National Development Lawrence Wong said on Dec 14, 2017 that in coming year the real estate developers will spread their building ventures across developing and under-developed estates. The government will strive to provide better living and housing opportunities to its people, and the unexpressed and unrevealed steadiness of HDB and demand of the sale-purchase market in Singapore.
The Sotheby’s research has stated that in the past, years of 2009-2011 and the crisis year of 2008; about more than 15000 units were designed to be built. And about 35,000 units were left behind because some of them were undeveloped and others were not launched due to some legal issues. But these units were sold last year with high profit due to increase in demand.
Singapore’s property market is stable now and estate dealers and developers have already invested a lot in estate market and have also earned a handsome amount by selling large number of existing buildings, apartments housing schemes and units.
According to Mr. Han, who is a director of research at Sotheby; “Developers could inaugurate more than 15,000 units in the remaining part of the year, which would be easily feasible for the market.” And he also suggested that estate developers would be keenly interested into buying new property sites and may increase the pace of their development so that they could introduce and launch more and more house units and buildings with high profit.
On the other hand, the demand of the public will also be accommodated with easy cash payments, convertible assets and reasonable interest rates.
Thus 2018 will prove to be a very fruitful and beneficial year for those who are somehow linked with property and real estate business.
There will be quite a number of new launch condos releasing for sale in the 2nd half of 2018. Below are a few of them