{"id":114067,"date":"2020-02-05T10:51:56","date_gmt":"2020-02-05T03:51:56","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/analysts-expect-project-launches-to-proceed-despite-the-coronavirus-outbreak\/"},"modified":"2020-02-05T11:04:22","modified_gmt":"2020-02-05T04:04:22","slug":"analysts-expect-project-launches-to-proceed-despite-the-coronavirus-outbreak","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/analysts-expect-project-launches-to-proceed-despite-the-coronavirus-outbreak\/","title":{"rendered":"Analysts expect project launches to proceed despite the coronavirus outbreak"},"content":{"rendered":"


\nAnalysts believe residential projects that have been set for launch over the next couple of weeks will likely proceed as planned even as transaction volumes and crowds at showflats could decline amid concerns on the Coronavirus outbreak, reported The Business Times.
\n\u201cOtherwise, you will have bunching up. Already without the virus, sales have been slow,\u201d explained Alan Cheong, Savills\u2019 executive director (research & consultancy).
\nHowever, he expects developers to reduce the number of units to be released for sale at launch.
\nAs to prospective buyers, Cheong reckons that sentiment will be affected, with enthusiasm to visit showflats dampened as developers take precautionary measures like temperature checks.
\nMarketing trips to China and Hong Kong will likely be put on hold also, affecting the number of foreign buyers at new projects.
\nWith this, sales volume for the primary and resale markets \u2013 assuming the outbreak will not be a prolonged one \u2013 are expected to fall in the first quarter of 2020.
\nHowever, the resale market may perform better, in the event sellers under pressure concede to buyers\u2019 asking prices.
\nKnight Frank head of research Lee Nai Jia also expects developers to push ahead with their launches, noting the potential risk of the virus spreading further which could lead to weaker sentiment should they wait.
\n\u201cIn view of what is going on, visitorship to showflats will come down, unless the project is very attractive in terms of attributes such as location,\u201d he said.
\nSales from Chinese buyers is also expected to slow in the next two weeks to a month, considering the travel curbs put in place by the government.
\nChristine Li, head of research for Singapore and South-east Asia at Cushman & Wakefield, on the other hand, sees a slight impact on project launches as she expects developers to hold back new launches.
\nShe notes, however, that it is \u201cstill early days\u201d as launches usually hit full swing post-Chinese New Year in March.
\n\u201cAlthough there is still caution in the market, developers are unlikely to make any drastic change in terms of pipeline launches,\u201d added Li.
\nHigh-end luxury projects, which usually see more Chinese buyers, may post slower take-up rates as viewings ease on the back of the outbreak. But Li expects the impact to be contained since Singapore is considered as a safe haven amid global headwinds.
\nIn fact, executive condominium (EC) Parc Canberra managed to attract 5,800 visitors during its weekend launch, revealed Koon Wai Leong, general manager of Hoi Hup Realty, which is developing the project with Sunway Developments.
\nThe developers had put in place precautionary measures, such as hand sanitising, mandatory temperature checks, checking of visitors\u2019 travel history and recording of their contract information. They also ramped up the frequency of cleaning at the showflat.
\nThose who travelled to mainland China in the past two weeks were requested not to visit the project\u2019s showflat.
\nAnother EC, OLA by Anchorvale \u2013 a joint venture between Gamuda Land and Evia Real Estate \u2013 is set to open its show gallery on 15 February, subject to relevant approvals.
\nThis comes as the developers deemed it safe enough to continue with the show gallery\u2019s launch, said Evia Real Estate managing partner Vincent Ong. And since the 548-unit project is not available to foreigners, \u201cthere is a smaller chance of contracting the virus\u201d, he added.
\nIn case the situation worsens, Anchorvale is prepared to roll out videos and online bookings to enable buyers to choose their preferred units.
\nMeanwhile, Bukit Sembawang Estates eyes to release the final phase of its landed development, Luxus Hills, later this month, while Soilbuild will open its Verticus development for preview on 8 February.
\nMuch like the others, precautionary measures will also be put in place by the two developers at their respective showflats.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Analysts expect project launches to proceed despite the coronavirus outbreak<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Analysts believe residential projects that have been set for launch over the next couple of...<\/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-114067","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-tFN","jetpack-related-posts":[{"id":114357,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-sales-up-14-9-in-january\/","url_meta":{"origin":114067,"position":0},"title":"Private home sales up 14.9% in January","date":"February 18, 2020","format":false,"excerpt":"\r The figure also marked the best January showing since 2013,\u00a0when 2,028 units were transacted. Photo: JadeScape emerged as the best-selling project in January 2020.\u00a0 Despite the Chinese New Year festivities and the coronavirus outbreak, developers sold 618 new private homes in January, up 14.9% from the previous month and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115570,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-developers-turn-to-virtual-showflats-during-covid-19-period-but-some-buyers-arent-sold\/","url_meta":{"origin":114067,"position":1},"title":"More developers turn to virtual showflats during Covid-19 period, but some buyers aren't sold","date":"April 13, 2020","format":false,"excerpt":"\r \u201cLocal buyers are so used to feeling and touching the finishes at a showflat that they would prefer to wait till after the circuit-breaker period is over and like to visit the showflat in person\u201d. Photo Piermont Grand EC by CDL While developers have been using virtual tours and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114271,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-exploring-ways-to-safely-market-projects-amid-covid-19\/","url_meta":{"origin":114067,"position":2},"title":"Developers exploring ways to safely market projects amid Covid-19","date":"February 14, 2020","format":false,"excerpt":"\r Developers are eyeing to ramp up efforts in areas like online marketing, such as interactive brochures, curating content for social media and 3D video walkthroughs to simulate showflat visits. Photo: Parc Canberra EC Despite having implemented precautionary measures previously at their showflats, developers in Singapore are exploring different means\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62298,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/analyst-people-are-buying-because-of-bad-economy\/","url_meta":{"origin":114067,"position":3},"title":"Analyst: People are buying because of bad economy","date":"July 31, 2017","format":false,"excerpt":"\r Buyers and investors continue to put their faith in brick and mortar, says one analyst. 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