More property launches in 2023: Some developments to look out for in the months ahead
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Loading... - Beatrice Low
- 31 Mar 2023
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Analysts expect 30 to 40 new private residential developments to be launched this year, adding 10,000 to 12,000 new homes to the market.
More new private property developments are expected in 2023, with one already open for preview since Jan 1. After 21 projects were launched last year, analysts predict that 30 to more than 40 new launches could be launched this year, adding 10,000 to 12,000 new homes to the market.
About half of these units would be in the Rest of Central Region (RCR) which refers to areas in the city fringe, based on analysts’ estimates. Another 30 per cent are expected to be built in the Outside Central Region (OCR) or suburbs and another 20 per cent in the prime Core Central Region (CCR).
Ten projects could hit the market just in the next three months, said Mr Ismail Gafoor, CEO of PropNex Realty. “We expect some of the buyers who have held back from purchasing due to the lack of suitable options previously to target these launches, which will go some way to satiate the pent-up demand, especially for OCR homes,” he said.
Analysts also expect property prices to stabilise, growing more slowly but not to fall. "New launches in 2023 are expected to perform well, but their performance is largely linked to the limited options in the immediate term," said Dr Lee Nai Jia, head of real estate intelligence – data and software solutions at PropertyGuru. Ms Tricia Song, head of research (Southeast Asia) at CBRE, said developers are also likely to pass on higher land and construction costs, but price growth should be slower than the 8.4 per cent seen in 2022 and the 10.6 per cent in 2021. Read More…
