princess_morbucks
21-02-14, 20:43
http://www.propertyguru.com.sg/property-management-news/2014/2/37390/capitaland-delays-launch-of-marine-parade-project
With the housing market badly hit by the government’s Total Debt Servicing Ratio (TDSR) ruling, property heavyweight CapitaLand has pushed back the launch of its condominium project in Marine Parade which was originally planned for late 2013, media reports said.
Speaking at the group’s results briefing this week, Wong Heang Fine, Chief Executive of CapitaLand Residential Singapore, said: “For Marine Parade, we have started construction. We decided to delay the launch to this year... Last year the TDSR came out in June, so we want to watch the response.”
In April last year, the developer announced plans to launch the unnamed project in Marine Parade (http://www.propertyguru.com.sg/singapore-property-listing?listing_type=sale&search_type=district&property_type=N&property_type_code[]=CONDO&property_type_code[]=APT&school=&mrt=&address=&property_id=&distance=0.5&districts[]=D15&latitude=&longitude=&interest=&hdb_type_group=&minprice=&maxprice=&minbed=&maxbed=&minsize=&maxsize=&minsize_land=&maxsize_land=&freetext=Marine+Parade+&minpsf=&maxpsf=&listing_posted=&mintop=&maxtop=&sort=&order=&min_latitude=&max_latitude=&min_longitude=&max_longitude=&submit=) in the later part of 2013. Comprising 124 units, the mid-tier project is located close to Parkway Parade.
Singapore developers have been struggling with the slowing residential market after the government’s loan curbs affected private housing affordability.
Given the sluggish market conditions, Century 21 Chief Executive Ku Swee Yong reckons that developers must be willing to accept lower profit margins and price their units reasonably in order to move units faster.
“It depends if their intention is to clear stock or sell units slowly,” he said.
Residential properties in Singapore account for less than 10 percent of CapitaLand's portfolio.
“Although we have a small exposure relative to many of our peers, if the Government should remove some of the measures, a lot of people will stand to benefit from that,” said Lim Ming Yan, President and Group CEO of CapitaLand.
He also believes that the government will always come up with policies to address the current market situation.
“If market conditions should become more challenging, I suppose the Government will always take that into consideration on whether they want to lift the measures or not.”
With the housing market badly hit by the government’s Total Debt Servicing Ratio (TDSR) ruling, property heavyweight CapitaLand has pushed back the launch of its condominium project in Marine Parade which was originally planned for late 2013, media reports said.
Speaking at the group’s results briefing this week, Wong Heang Fine, Chief Executive of CapitaLand Residential Singapore, said: “For Marine Parade, we have started construction. We decided to delay the launch to this year... Last year the TDSR came out in June, so we want to watch the response.”
In April last year, the developer announced plans to launch the unnamed project in Marine Parade (http://www.propertyguru.com.sg/singapore-property-listing?listing_type=sale&search_type=district&property_type=N&property_type_code[]=CONDO&property_type_code[]=APT&school=&mrt=&address=&property_id=&distance=0.5&districts[]=D15&latitude=&longitude=&interest=&hdb_type_group=&minprice=&maxprice=&minbed=&maxbed=&minsize=&maxsize=&minsize_land=&maxsize_land=&freetext=Marine+Parade+&minpsf=&maxpsf=&listing_posted=&mintop=&maxtop=&sort=&order=&min_latitude=&max_latitude=&min_longitude=&max_longitude=&submit=) in the later part of 2013. Comprising 124 units, the mid-tier project is located close to Parkway Parade.
Singapore developers have been struggling with the slowing residential market after the government’s loan curbs affected private housing affordability.
Given the sluggish market conditions, Century 21 Chief Executive Ku Swee Yong reckons that developers must be willing to accept lower profit margins and price their units reasonably in order to move units faster.
“It depends if their intention is to clear stock or sell units slowly,” he said.
Residential properties in Singapore account for less than 10 percent of CapitaLand's portfolio.
“Although we have a small exposure relative to many of our peers, if the Government should remove some of the measures, a lot of people will stand to benefit from that,” said Lim Ming Yan, President and Group CEO of CapitaLand.
He also believes that the government will always come up with policies to address the current market situation.
“If market conditions should become more challenging, I suppose the Government will always take that into consideration on whether they want to lift the measures or not.”