{"id":103270,"date":"2019-01-24T10:48:33","date_gmt":"2019-01-24T03:48:33","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/slow-start-for-new-project-launches-in-2019\/"},"modified":"2019-01-24T12:02:57","modified_gmt":"2019-01-24T05:02:57","slug":"slow-start-for-new-project-launches-in-2019","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/slow-start-for-new-project-launches-in-2019\/","title":{"rendered":"Slow start for new project launches in 2019"},"content":{"rendered":"


\nArtist\u2019s impression of Fourth Avenue Residences in Bukit Timah. (Photo: Allgreen Properties)
\nThree private residential projects were launched for sale last weekend \u2013 among the first for the year. But out of the combined 687 apartments, only 103 units were sold, translating to a low overall take-up rate of 15 percent on average, according to a recent report from Credit Suisse.
\nDeveloper Allgreen Properties moved 70 units at the 476-unit Fourth Avenue Residences, which works out to a take-up rate of about 14.7 percent.
\nMore: New Private Home Sales Expected To Slump By 20% In 2019: DBS
\nThe 99-year leasehold project at Bukit Timah in prime District 10 achieved a new benchmark average selling price (ASP) of $2,375 psf, which was above analysts\u2019 expectations as the nearby Mayfair Gardens recorded ASPs of $1,900 psf to 2,000 psf when it was launched in September.
\nSimilarly, Roxy Pacific launched two freehold developments over the weekend \u2013 the 71-unit Fyve Derbyshire along Derbyshire Road in District 11 and the 140-unit RV Altitude in River Valley Road in District 9.
\nFyve Derbyshire sold 13 units or 18.3 percent of its total number of units, while RV Altitude found buyers for 20 units (14.28 percent). The former achieved ASPs of $2,200 psf to $2,700 psf, while the latter saw ASPs ranging from $2,729 psf to $3,100 psf.
\nCredit Suisse said the low absolute number of units sold and the lacklustre overall take-up rate of 15 percent were within expectations, in light of the still healthy ASPs.
\n\u201cGiven still high pricing expectations by developers amidst buyer expectations of bargains with up to 24,567 units from 74 projects to be launched for sale in 2019, we expect the trend of low take-up rates to persist in 2019,\u201d it noted.
\nLooking ahead, the financial institution expects total private home sales to fall by 25 percent year-on-year to 17,611 units for the whole of 2019. In particular, transactions in the primary market are projected to drop by 10 percent to 8,178 units, while resale deals could suffer a bigger decline of 35 percent to 9,433 units.
\nCan you afford a condo in Singapore? Check your\u00a0affordability\u00a0now.\u00a0Get more details on the\u00a0property market outlook for 2019
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Slow start for new project launches in 2019<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Artist\u2019s impression of Fourth Avenue Residences in Bukit Timah. (Photo: Allgreen Properties) Three private residential...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-103270","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-qRE","jetpack-related-posts":[{"id":102682,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/allgreen-properties-to-launch-first-major-project-of-2019\/","url_meta":{"origin":103270,"position":0},"title":"Allgreen Properties to launch first major project of 2019","date":"January 4, 2019","format":false,"excerpt":"\r Artist\u2019s impression of Fourth Avenue Residences and the surrounding GCB area. (Photo: Allgreen Properties) On Saturday (5 Jan), developer Allgreen Properties is set to preview Fourth Avenue Residences, an ultra-luxury condominium in prime District 10 that is slated to be the first major project launch in 2019. Situated within\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":97776,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/oxleys-mayfair-gardens-to-preview-this-weekend\/","url_meta":{"origin":103270,"position":1},"title":"Oxley\u2019s Mayfair Gardens to preview this weekend","date":"September 13, 2018","format":false,"excerpt":"\r Artist\u2019s impression of Mayfair Gardens, an upcoming high-end condo in Bukit Timah. Mayfair Gardens, a high-end private condominium with 215 units along Rifle Range Road in Bukit Timah, is set to open for preview this weekend (15-16 Sept), according to its developer Oxley Holdings. Inspired by the buildings in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":73625,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/2-projects-sold-en-bloc-for-over-658mil\/","url_meta":{"origin":103270,"position":2},"title":"2 projects sold en bloc for over $658mil","date":"December 4, 2017","format":false,"excerpt":"\r Royalville attracted a total of nine bids which surpassed the $368m asking price. (Photo: Edmund Tie & Co) Marketing agent Edmund Tie & Co announced on Friday (1 December) that it successfully sold two existing developments via collective sale for a total of $658.59 million. In particular, Royalville in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/12\/Crystal-Tower-e1512356063925.jpg?fit=620%2C310&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":94439,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/analysts-divided-on-daintree-residences-pricing\/","url_meta":{"origin":103270,"position":3},"title":"Analysts divided on Daintree Residence\u2019s pricing","date":"July 23, 2018","format":false,"excerpt":"\r Map showing the location of the Daintree Residence site. Analysts are divided on the pricing of Daintree Residence, which is set for launch on 28 July, with some saying it is reasonable while others believe it is on the high side, reported the Business Times. The first condominium to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123179,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sixth-avenue-centre-up-for-collective-sale-for-85mil\/","url_meta":{"origin":103270,"position":4},"title":"Sixth Avenue Centre up for collective sale for $85mil","date":"November 12, 2021","format":false,"excerpt":"\r Located at 805 Bukit Timah Road, Sixth Avenue Centre sits on a 15,009 sq ft land plot. Source: Google Maps Sixth Avenue Centre, a 40-year-old mixed-development at 805 Bukit Timah Road, has been put up for collective sale carrying a reserve price of $85 million, revealed exclusive marketing agent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/11\/sixth-avenue-centre.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":123862,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-home-sales-up-70-in-november\/","url_meta":{"origin":103270,"position":5},"title":"New private home sales up 70% in November","date":"December 17, 2021","format":false,"excerpt":"\r CanningHill Piers was the best performing project in November, moving 576 units at a median price of $2,887 psf. New private home sales in Singapore continued in an upward trend, increasing 70% in November from the previous month. Excluding executive condominiums (ECs), developers sold 1,547 units in November, up\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/condominium-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/103270"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=103270"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/103270\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=103270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=103270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=103270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}