Developers reduce prices in response to regulation measures.

The developers in charge of the The Tre Ver apartment situated in Potong Pasir has taken a decision to offer considerable discounts to draw homebuyers in the wake of a new property regulation  measures.

“In the neighbourhood, we are quite aware that an apartment sells for $ 1,750 psf on the average, and if we would have equally pegged the cost of this project at a similar figure. However, we are offering a discount in excess of 10 % for our first phase of launch, stated Jesline Goh, UOL’s senior executive for marketing and Asset management, UOL is in partnership with SingLand to develop this project.

Billed to be completed in 2022, this private residential development which is situated close to Potong Pasar MRT station contains 729 units and all ranging from one to four bedroom units appropriately distributed across 9 blocks. The size of the units ranges from 484square feet to 1,378 square feet and the costs goes for $738,000 for 1 bedroom apartment and $2.08 for 4-bedroom apartment.

Other Property News Update: Parc Esta showflat expected to be open for preview in late 2018/early 2019.

In contrast, the average cost of a unit in the phase 1 launch of the close by Park Colonial is around $1600 to $1700psf on the average, with the whole project roughly approximately $1700 to $1800 psf. This condo contains about 805 units and is being developed by a group led by the CEL development, the property subsidiary of Chip Eng Seng’s group.

The costs of the Tre Ver apartments are equally consider less expensive to that of Woodleigh Residences, it was reported by the Straits Times in March that the 680-unit development which is being handled by Kajima Development of Japan and Singapore Press Holdings (SPH) may likely surpass $2000psf.

In the meantime, the Head of research, JLL Singapore, Tay Huey Ying believes that it is unlikely that a supply glut will occur as long as developers appropriately spaced out their launch of new homes. She stated this in a conference planned by the Real Estate Developers’ Association of Singapore (REDAS), which is of the opinion that the control of new properties may destroy the confidence of the market and deteriorate the high supply situation.