There was an article in today’s Straits Times which reported that as many as 1000 completed high end condominium units were still unsold.
Twelve of these developments were completed this year and each had more than ten units still unsold as of last month. Ten developments were in prime areas.
Most of these projects were launched in the property boom of 2007. Some developers even chose to hold back from selling their remaining units as prices are still below their previous peak. Selling at a lower price would be detrimental to existing owners.
A few of these developments even had a large percentage of unsold units. Looks like some developers got burnt jumping onto the bandwagon bidding for land at aggressive prices.
For existing oweners/investors of those units, the unsold units might put a damper on the prices of their units as buyers might prefer buying the new units. You do need to have long holding power for property.
Development, Total number of units, Unsold units as of Oct 2010
- Paterson Suites, 102, 79
- Belle Vue Residences, 176, 61
- Lumiere, 168, 51
- Turquoise, 91, 47
- Latitude, 127, 45
- 8 Napier, 46, 42
- Riveria Gardens, 49, 23
- Orchard View, 30, 21
- The Orchard Residences, 175, 19
- 18 Shelford, 19, 15
- Aalto, 196, 55
- St Michael Regency, 49, 13