The property market continues to see new launches into 2020. Towards the end of 2019, the newly completed EDEN by Swire Properties was open for preview. With only 20 exclusive units, the development was highly anticipated being Swire Properties' first project in Singapore. Each apartment is priced from $18 mil onwards. Shortly into January 2020, ultra-luxury project The Avenir at River Valley Close was also opened for preview. Prices of four-bedroom and bigger units are priced from $3,030 psf. Another freehold luxury project which will be launching soon is Van Holland with prices starting from $2,600 psf. More upscale projects are expected to follow. Some of the more prominent ones include the projects by Shun Tak at Orchard Boulevard and Nassim Road, the relaunch of 21 Anderson, Low Keng Huat’s project at Cairnhill Road and Dalvey Haus.
Close to 13,000 new non-landed residential units (excluding executive condominiums) could be launched in 2020. Of these, 4,000 units across 23 developments are in the Core Central Region (CCR), 6,000 units across 22 projects are in the Rest of Central Region (RCR) while the Outside Central Region (OCR) may see 2,700 units from 12 projects. In addition, the OCR may also offer two landed projects comprising 146 homes and three executive condominiums offering some 1,700 units.
Including the unsold units from projects launched in 2019 and earlier, buyers have ample choices for their dream homes. With this huge supply of property stock, developers will have to monitor the market closely and launch their products at the correct prices, responding accordingly to the take-up rate of the new projects. 2020 may be the year to test the resilience of the Singapore property market.