December is usually one of the slowest months in terms of housing resale figures in any case. This year that has definitely been the case for Singland Homes Clementi Ave 1 Condo. There was a 4.3% drop from November to December yet that could have been worth if buyers were not turning to resale properties instead of new builds. Buyers have turned to resale properties in order to save money.
Effectively the housing market in Singapore is standing still, a situation not helped by the decline in the economy, which decreased by 1.3% during the year.
New Year Property Sales by Developers
This year 18,000 new Clementi Condo near NUS housing units have been built, an increase of 3,000 since last year.
With the New Year’s celebrations barely over at least one property developer is anxious that the land sales ball should get rolling again.
With that in mind the Singapore government will have just made property developers and real estate agents have a happier New Year. That is due to the Urban Redevelopment Authority (the URA) announcing that a 2.44 ha land site that was on the reserve list has been triggered for sale.
It is estimated that 570 homes will be constructed on the plot of land at the junction of the New Upper Changi Road with Bedok South Avenue 3.
New Year Sales in UOL Clementi Ave 1 Condo
An undisclosed Clementi Avenue One Condo development firm has already committed itself to a minimum bid of S$320 million, which equates to S$580 per square foot per plot ratio (psf/pr) the URA has said.
Triggering a land site auction so quickly in the New Year, especially among continuing gloomy economic news indicates that Singapore property developers must simply keep their firms ticking over. Property developers basically need the main raw material of land to keep their business running along. Without land they cannot have properties built to sell or lease to make profits.
With a bid already been made, that comes less than four months after the land parcel was taken off the reverse list. That land parcel at Lorong Lew Lian was triggered and quickly sold last year. This sale caught some real estate experts by surprise as they did not think land would sell in the current economic climate.
West Coast New Launch Singapore Clementi Ave 1
In the last few years the economy of Singapore has been so depressed that the country’s property Singapore Land Singland Homes developers have got involved in construction abroad simply to earn the money they needed to keep afloat. There was not enough money at home to carry out building projects, and it was really difficult to sell the properties they had built. Yet these companies have regained interest in building projects in Singapore.
It has sensible policy on the part of the URA and the Singapore to make land parcels available to get development firms involved in building projects at home again.