Thursday March 13, 01:57 AM
Major Singapore property launches unlikely in next three months - report
SINGAPORE (Thomson Financial) - Singapore may not see major property launches over the next three months as the negative sentiment on the sector was exacerbated by recent events, including the Kuwait fund pullout from a major purchase of high-end residential units, the Straits Times (news) reported Thursday, quoting market analysts.
Kuwait Finance House balked at its option to buy 97 units at Goodwood Residence, a project of GuocoLand (F17.SI - news) , for 818 million Singapore dollars to lapse while a landed housing site in Jurong West fetched a top bid of 78 dollars per square foot, which was significantly lower than expected, the newspaper said.
Major property developers such as CapitaLand (C31.SI - news) and City Developments (C09.SI - news) have said earlier they are willing to defer property launches until sentiment improves, probably in the second half of the year.
Only the 405-unit Waterfront Waves in Bedok Reservoir has been the new major condo launch this year, the Straits Times said.
'Not everyone can hold back their launches for a long time. But nobody is ready to lower their prices yet,' the newspaper quoted an unnamed property consultant as saying.
(1 US dollar = 1.38 Singapore dollars)