PUBLISHED: 6:35 PM, MARCH 9, 2017
SINGAPORE –Lendlease, an Australia-listed developer makes its first private residential in Singapore. The Developer is bullish on its launch this coming week at its 3,9-hectare Paya Lebar Quarter.
Mr Tong Lombardo, Lendlease CEO said the property market is set to pick up, benefiting from pent-up demand after falling prices in the past years to make housing affordable. The property cooling measures are to stay, which many people were expecting the measures to be removed, which means its a “good time to launch projects” he said.
Park Place Residences is set to launch Phase 1 of its development on March 25, which show suites will be opened for VIP booking from March 11. Lendlease is a familar name in Singapore with malls like Parkway Parade, 313@Somerset and JEM.
This exciting condominium is part of the centrally located mixed-use development which also includes a retail mall and three office buildings. The 429-unit condominium consists of 117 one-bedroom apartments priced from S$780,000 onwards; 234 units of two-bedroom apartments priced from S$1 million; as well as 78 units of three-bedroom apartments priced from S$1.6 million.
During the first launch of sales, Park Place Residences is expecting to sell about 40% of its stock The remaining units will be released in tandem with future announcements on the commercial towers, retail mall, as well as the larger Paya Lebar Central area, the developer said.
“I do expect greater activity in the housing market in the next 12 months… Over the last 36 months, we have seen prices come off and over the last three years, we have seen volume bottoming out. Now we have started to see volume pick up, so the (residential property) releases this year have seen pretty good activity. So my view is that the market is bottoming or has bottomed out, and we should start to see the market improving from here on,” Mr Lombardo said. Some of the recent launches has proved the market has strong sales volumes like The Clement Canopy and Grandeur Park Residences.
“I think the market has finally accepted that the Singapore government won’t change the rules of the game and the (property cooling) measures are here to stay. So, people who think they want to buy should buy. The mortgage market looks strong, so its a good time to launch projects,” he added.
Mr Lombardo acknowledged that impending mortgage rate hikes, likely to follow the expected US interest rate increases this year, will have a direct impact on the property market here. Analysts expect the US Federal Reserve to raise its benchmark overnight rate target by 25 basis points to between 0.75 and 1 per cent next week.
“It will have an impact, but we are doing something different here,” Mr Lombardo said, pointing at the new condominium which is part of an integrated mixed-use development built on a live-work-play concept.
“With strong project attributes, we are confident that units in the condominium will translate into long-term investment opportunity and yield great returns in the long run for buyers,’’ he added.
Seaside Residences is also another launch to look out for after this launch.
Source: http://www.todayonline.com/business/lendlease-bullish-it-makes-first-foray-housing-market-singapore
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