New Launch Condos - CDL's Newport Residences Preview Delayed As Developers Catch ABSD Bulls.
CITY Developments Ltd (CDL) has delayed the New Launch Condos of the downtown Newport Residences project, which is in the high-end residential segment that analysts say will be directly affected by the latest cooling measures. government.
Newport Residences, a 246-unit free-of-charge luxury development at Anson Road, is scheduled to begin previewing this weekend. Prices are said to be north of S$3,000 per square foot (psf).
New Launch Condos is about to be built on the site of the old Fuji Xerox Towers in the Central Business District (CBD), in the Core Central Region (CCR). Two other luxury projects are also underway in the downtown area - the 748-unit Marina View Residences on the Marina View (GLS) government land sale, developed by IOI Properties and one The 215-unit project in the old AXA Tower located on 8 Shenton Way, was developed by a consortium led by Perennial Holdings.
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“With the latest measures related to real estate… the market will need time to absorb the news. In view of this, we will reschedule the preview for Newport Residences, which was originally scheduled to begin later this week,” a CDL spokesperson said Thursday (April 27) in response. questions from The Business Times. “We will closely monitor market conditions and announce its launch at the appropriate time.”
New Launch Condos comes as the Singapore government has stepped up its additional buyer stamp duty (ABSD) rate on residential properties, in a new set of cooling measures aimed at curbing investment demand.
Foreigners, typically high-income individuals, who have purchased luxury apartments in the top CCR area, will bear the brunt of the increase. The ABSD on any residential real estate purchases by foreigners has doubled from 30% to 60%.
According to JLL analysis, foreign buyers accounted for 15.5% of private property purchases without land in CCR, in the first quarter of 2023. Meanwhile, foreign buyers accounted for only 2.3. % of sales in the mid-end segment. Rest of Central Region (RCR) and 2.3% in mass market projects Outside of Central Region (OCR).
All eyes are now on two new RCR residential projects that have just hit the market – Blossoms By The Park in the central north and The Continuum in the east. They are among about 30 new private housing projects expected to be launched this year.
EL Development began previewing Blossoms By The Park on April 14, pricing the project between S$2,200 and S$2,400 psf. Located at 9 Slim Barracks Rise in District 5, the 99-year rental development offers 275 residential apartments. EL Development CEO Lim Yew Soon told BT that the company will conduct a sale of Blossoms By The Park this Saturday.
“There will certainly be some impact on demand as a result of these measures. However, I believe the impact will be limited as Blossoms By The Park is located in the northern region and buyers in this area are more often Singaporeans and PRs than foreigners,” he said.
Anson Lim, general manager of residential marketing for UOL, told BT that the developer will likely proceed with plans to launch a 99-year lease of Pinetree Hill at Pine Grove in June or July of this year, as The project will continue to attract local people to buy-to-own.
He is answering BT's questions about whether UOL can postpone the launch of its two upcoming projects at the Watten Estate in Bukit Timah and Pinetree Hill in Ulu Pandan.
Last Friday, Hoi Hup and Sunway began previewing The Continuum on Thiam Siew Avenue, with prices starting from around S$2,580 psf. BT has contacted Hoi Hup for comments.
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