News: CapitaLand stops sales at two condo projects

Oct 11, 2017

A view of Sky Habitat, a 99-year leasehold development situated at the heart of Bishan district 20. (Photo: Yasmin Beevi)

With the property market expected to improve further next year, CapitaLand has joined other developers that have stopped selling units in their projects, reported Channel NewsAsia.

CapitaLand has halted sales for Sky Habitat and Marine Blue, which had 99 and 53 unsold units respectively, as at 31 July.

Property agents said the developer stopped sales at the 124-unit Marine Blue two weeks ago and at the 509-unit Sky Habitat a week later.

Other developers that have postponed selling units at projects launched earlier this year include Lendlease and Qingjian Realty.

Lendlease stopped sales at Park Place Residences, with plans to launch the next phase of sales in 2018.

“The potential for long-term asset appreciation is very attractive and thus we believe that the future launch will better reflect the value that Park Place Residences offers,” said a Lendlease spokesperson in response to queries on whether the company will offer the remaining units at a higher price.

Qingjian Realty has stopped making new units available at Le Quest, which was launched in August.

GuocoLand, on the other hand, has revealed plans to scale back sales of Martin Modern.

International Property Advisor CEO Ku Swee Yong said developers either freeze sales or cut back on the number of units offered for sale as they plan to launch the housing units during a market recovery, with the prices revised upwards.

He noted that developers “may be adopting this strategy in order to smooth out their cash flow” for the future since they may not be able to replenish their landbank via en bloc sales and government land sales processes in time to launch new projects.

 

This article was edited by Keshia Faculin.

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