Singapore’s residential property market is experiencing a surge in demand, particularly in suburban areas, according to Morgan Stanley’s latest ASEAN Property Pulse report. The report highlights that the strong take-up rates this year could encourage developers to launch more projects, although sales performance may vary across different locations.
The recent launch of Parktown Residences saw an impressive 87% take-up rate, with units selling at a rapid pace of one every two minutes, as reported by developer UOL. This success, along with the strong sales of City Development’s The Orie, is expected to boost developer confidence in launching new projects throughout the year.
However, the report cautions that sales performance could be inconsistent, especially for projects located closer to the Central Business District (CBD), where investor interest appears to be waning. In contrast, suburban developments such as The Orie, Emerald Of Katong, and Norwood Grand are witnessing stronger demand.
UOL expressed concerns that whilst suburban projects are thriving, launches in the CBD might face challenges due to a muted appetite from residential investors. This trend underscores a shift in buyer preferences towards suburban areas, likely driven by a combination of affordability and lifestyle considerations.
As the year progresses, the property market’s trajectory will depend on how developers respond to these dynamics. The potential for new launches remains high, but the success of these projects will hinge on their location and the evolving preferences of buyers.
“`
This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.
