The government is expected to trim down the supply of land intended for private and EC Tampines Ave 11 Condo housing on the confirmed list for H1 2015 Government Land Sales (GLS) programme due to rising vacancies and sluggish sales, according to property experts in media reports. Therefore existing land like Westwood Residences will continue to be in demand.

Chua Yang Liang, JLL’s Research Head for Southeast Asia, said, “The period of supplying sufficient land to meet the pent-up demand arising from the large population growth between 2007 and 2009 is over. Now the state is likely to be looking at maintaining sufficient new supply to meet the long-term housing need, i.e. from new household formation in Westwood Residences”.

Westwood Residences Land Sales

In concurrence, Savills’ Alan Cheong noted “the general undersupply situation has been resolved and thus the GLS Programme may reflect a more sedentary pace in line with demographic trends.”

R’ST Research believes the land to be released under the confirmed list for the second half of next year can yield about 1,900 units and this include Westwood Residences, while JLL projected a higher figure of around 3,700 units.

On the other hand, experts feel that land on the reserve list would be enough for 6,000 to 7,000 private homes, including Executive Condominiums (ECs) like Westwood Residences. This is roughly the same as the 6,305-unit supply in H2 2014 and will serve a buffer in case there is a rebound in market demand.

Land Sales for Westwood Residences EC

In terms of location, the government is expected to release land for EC and private housing in Punggol, Woodlands, Sengkang, Jurong Lake District and maybe even at the Seletar Farmway area.

“…there is potential to release more EC sites in Jurong since the area is fast rejuvenating, and given the near sell-out of Lake Life at its recent launch,” said R’ST Research Director Ong Kah Seng.

Westwood Residences Demand

In the EC segment, Ong predicted that government would reduce the supply on the confirmed list for H1 2015 to merely 500 units compared to 1,520 units in H2 2014, but Colliers International’s Director Chia Siew Chuin projected a higher figure of about 1,000 units.…

2015 will see UEM Sunrise, one of the main developers of Hillhaven Condo Iskandar, diving headlong into work planed out for Johor that will include a number of catalytic projects in the Nusajay area. This includes Gerbang Nusajaya’s ground-breaking ceremony for Motorsports City.
Having a $15 billion (RM 40 billion) gross development value, Gerbang Nusajaya’s 1,800 hectares consists of residential precincts, industrial parks, campus offices, and retail Bukit Batok EC and lifestyle parks. All of this will be constructed over a span of 25 years in 5 phases.

Westwood Residences Executive Condominium

Chiefly, Motorsports City, with its S$1.32 billion (RM3.5 billion) price tag and 118 hectare area, will bring with it a 4.5km racing track that will be able to host International races. The site will also offer a model automotive nerve centre, which will have F&B outlets, auto showrooms, bonded warehouses, retail units, and al fresco areas. It will also provide centres which will be dedicated to the services, sales, systems and spar parts of a variety of autos. This may in turn affect Westwood Residences EC Sales due to the demand for foreign properties.
A second ground breaking project set of 2015 will be an integrated technology park in Nusajaya consisting of 207.6 hectares. The joint venture development with Singapore’s Ascendas Group is valued at S$1.4 billion (RM3.7 billion).

Westwood Residences EC Koh Brothers

According to Anwar Syahrin, CEO and Managing Director of UEM, 2015 looks to be an exciting year for Johor. He points out that there is another exciting development to come, China Mall, which is the Asian Trade Centre. It is very similar to Dubai’s Dragon Mart. The Asian Trade Centre will be constructed and developed over a 48 hectare site. At the moment UEM is awaiting approval from the relevant authorities.

Westwood Avenue EC Heeton Homes

Having a gross development value of over $225 million (RM600 million), this mall/trade centre will be able to house more than 3,000 retailers and covers a 1.4 million square foot area.
Syahrin has said that UEM are aiming to not just create homes in the Gerbang Nusajaya area, but create a lifestyle and activities for residents. All of these developments are worth billions of Malaysian ringgits and will be able to provide new job opportunities, as well as economic activity that will be a catalyst for the demand for new housing in the Nusajaya area for Westwood Residences. Nusajaya is in a stage of maturity and is anticipated to be a top locational choice for playing, working and living for the international community and local residents alike, as well as it being a city that is self-sustained.

Buyers for Westwood Residences

At this time there are around 10,000 properties which have been built already or are in the process of being constructed in Nusajaya that are valued Altura EC at close to $3.75 billion (RM10 billion). Nusajaya is an area that has an estimated gross development value of $9 billion (RM24 billion)…

The government announced on Tuesday that they are expecting Singapore’s economy to slow to a 3.0% growth rate for 2014 amidst a global deterioration hitting the crucial trade outlook of the city-state. This may slow the sales of Westwood Residences.
In the 9 months to September a 3.3% expansion was seen, year on year, of the Gross Domestic Product (GDP). However, in a statement made by the Ministry of Trade and Industry, there is likely to be an easing in the last quarter that will be in line with the global JCube Condo economy’s projected slowdown. ECs like Westwood Residences however remain resilient as ECs are always in demand.
In 2013 there was a 4.1% expansion in Singapore’s GDP. 2014’s official forecast is a tad lower than the general agreement figure of 3.3% that was given by economists in a survey given this September by the Monetary Authority of Singapore.

Economy Slows may hamper Westwood Residences Sales

Analyst say that, due to Singapore’s open and small economy, they are more vulnerable to developments that are external, more so than their Asian neighbors. Singapore’s Asian neighbors have larger domestic markets in Westwood Residences to help cushion them when they face weak global demands for their exports.
The ministry has stated that, domestically, due to the cooling policies seen in the property market a weakness has been seen in private sector construction that affects growth. However, business services are expected to remain resilient.

Westwood Residences to receive Pent up demand

They further add that MTI has taken these factors into consideration and expects the economy in Singapore to grow by close to 3.0% for the total of 2014 which may result in slow EC sales such as Westwood Residences at Westwood Avenue.
The forecast for Singapore’s GDP in 2015 is that it will come in at 2.0% to 4.0%, not taking into consideration any downside risks to the global economy.
There have been concerns regarding the Eurozone falling into a deflation spiral due to its weak growth and continued low inflation. Meanwhile, China is risking a much steeper than expected slowdown if there is a sharp correction in the real estate market.

Westwood Residences Heeton Homes

Where the United States is concerned, it is unclear as to the timing and pace that interest rates will be raised by the Federal Reserve. The ministry pointed out that, should there be an unplanned for tightening in monetary conditions, it would heavily weigh on United States business sentiments and financial Hillhaven Condo Far East markets, a scenario that would also affect the global markets.
The MTI also shared that other downside risks have been the Ebola virus global outbreak, tensions between key oil producers in North Africa and the Middle East, and the geopolitical tensions between the Ukraine and Russia.
Regional economist with Malaysian bank CIMB, Song Seng Wun has pointed out that what it all boils down to is that Singapore’s economic growth will more than likely remain mediocre at around 3.0% for as long as the recovery of external demand stays unbalanced and disheartening.…

There are numerous investors who are hunting for Westwood Residences EC in close proximity to the MRT stations as property experts believe condo properties and in particular Executive Condominiums in the West located in close proximity to MRT stations has proven that prices have a tendency to increase as the general economy recovers. This is because there are generally many buyers out there but they are restricted on the loans due to the implantation of the Total Debt to Service (TDSR) ratio on property loans.

Westwood Residences Cooling Measures

Because of the implentation of the restriction of loans, numerous home buyers for Westwood Avenue EC are inquiring about real estate developers to help lower down their asking prices for the new launch units as it became apparent to buyers that there are countless vacant units in the development which are still left unsold. Also, potential buyers are also aware that developers need to pay development charges should there be unsold units after TOP. Even though real estate developers are inclined to Orchard Boulevard Condo id=”spin61″discuss on the prices on Westwood Residences New EC, numerous home buyers of westwood residences Koh Brothers are generally also watchful when searching to enter the property market presently.

EC Sales Slows due to Cooling Measures

Because of the numerous measures set forth by the government to reduce the amount of loan available for property buyers, property selling prices within the city state register a drop because of a absence of potential buyers in the market. Then again, several property analysts noted that this does not indicate that westwood residences Heeton Homes should not be invested because many are convinced that the prices of the properties definitely will gradually increase over the long term when the government lift the cooling measures. In spite of this, choosing a property might be a overwhelming process and below are a number of advices offered by real estate specialists.

Cooling Measures for Westwood Residences

Particularly, luxury family homes have been completely toughest hit because of the government’s various house cooling procedures. Some areas which have many condominiums in a certain area also registered a drop in prices which came to effect last month. Inside the 3rd quarter of 2014, luxurious home purchase prices fell 0.9 % quarter-on-quarter. It remains now to see if the government will lift the cooling measures in an effort to reduce the drop in prices.
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