GuocoLand has hinted that they will increase prices in the near future for all their current projects. This can also be seen by their latest action taken at its latest condo, Martin Modern. They have reduced the number of units put up for sale. They will be betting on the reversal of private residential prices after years of decline.
Other property developers also appear to share the same market sentiments.
Earlier this week, Qingjian Realty, a Chinese developer said that they will be holding back the second phase of sales for their latest project Le Quest. Le Quest was only launched last weekend, selling close to half of the whole development at an average price of $1,280 per square feet.
Landlease had also put off placing new units for sale at Park Place Residences at PLQ on the market after selling 217 apartments in their first launch earlier this year. Most developers are hoping to sell the remaining units at a higher price subsequently.
Martin Modern have achieved good sales results, selling 110 of the 450 units at the luxury condo along Martin Place within about two weeks of launch. GuocoLand has already started to moderate the releases. The developer aims to achieve a good start to boost confidence in the project.
After eight years without any major launch in Robertson Quay, Martin Modern was launched at an average selling price range from $2,009 psf to over $2,500 psf.