On Thursday, Singapore imposed tighter Covid-19 restrictions in the city-state. This move came after cases of the virus increased in the country, primarily due to clusters of people in karaoke bars. The restrictions will remain in place until Aug. 18 and have reduced the number of public gatherings to two.
The Atelier at Covid 19 in Singapore is a new residential development that features a range of units from two to five-bedders, with full facilities. It is also a short walk from the Yishun MRT station. Families will love its convenient location near several schools, including the internationally-renowned Anglo-Chinese School and the School of the Arts. The development is set to launch sometime next year.
EC developments are fully developed by private developers. These developers compete for government land and market EC at a discounted price, usually 20-30% less than comparable private condominiums. This gives them a clear pricing advantage over private homes. In addition, ECs typically come with a complete suite of condominium facilities, making them more appealing to buyers. Some EC developers are coming up with innovative ways to differentiate themselves from the competition.
In July 2018, the government implemented new cooling measures affecting the property market. This impacted the sales of ECs. Before the new cooling measures were implemented, three EC projects had launched. Within three months of the projects’ launches, 84.3% of the units in those projects had sold.
Despite the impact of Covid-19, developers are gearing up for their upcoming projects. However, some may decide to delay the launches of these projects until the outbreak has been contained. As such, it may be wise to purchase Phase 2 if you have enough capital. If you’re thinking of buying a new EC, make sure to check out the full list of new launches to make sure you don’t miss out.
Midtown Modern at Covid 19 is a condominium in District 7 of Singapore, located within a walking distance from a number of major shopping malls. It is also located next to the Guoco Midtown, a collection of Grade A office towers and public spaces. Those working in the CBD will benefit from the convenient location.
The Midtown Modern at Covid 19 will be around 300 metres from Le Quest, a small shopping mall with major retailers including NTUC Fair Price Finest and Guardian. Other amenities at the mall include a Food Court and McDonald’s, Pizza Hut and KFC. The site is also close to the upcoming Yishun MRT station. The project is slated to be completed some time in 2025.
In the meantime, developers are already preparing to launch more projects. In the next few months, thirteen new projects will enter the market. Some of these include Normanton Park, with 1862 units, The Reef at King’s Dock, and Midtown Modern, with 558 units. But, while these projects will likely be hot property, they are unlikely to sell at below market value.
The property market in Singapore is strong. Despite the recent economic slump, the non-landed private property market has exceeded expectations. Despite the COVID-19 pandemic, the market has remained resilient. As a result, prices have only slightly slowed in the first quarter of 2022, partly due to a lack of new launches and the Chinese New Year festivities. The Singapore Property Market Report (SPMR) has predicted that prices will increase only moderately in Q1 2022.
The launch of new launches such as the Copen Grand EC by City Developments Limited in the prime Tengah district has resulted in unprecedented land prices. It was the first executive condominium in the Tengah area to be sold under the Government Land Sales scheme. In fact, the EC sold 80% of its units on its first day of launch.
Developers such as City Developments have stepped up their residential projects in Singapore, tapping into the high demand for resilient housing. The developer plans to launch a mixed-use progression that includes a hotel, offices, and shops. This development is also expected to have a residential component. The firm recently bought a 99-year lease for S$768 million at the government’s first land auction of the year. The development site is located in the western part of Singapore, close to the central business district. The construction of this condominium is expected to commence by the end of 2022.
While the resurgence of Covid-19 in Singapore weighs down the sales of EC new launches, CDL is optimistic about the outlook of its core business segments. The firm plans to increase residential and commercial launches in Singapore and overseas.