Despite on-going economic uncertainty in Singapore, Japanese developers remain optimistic about investing in the city-state, reported The Business Times.
Most have credited their success to joint ventures with more established local developers.
However, the recent property cooling measures have affected some firms. For instance, sales have been dampened at several projects, with Mitsubishi East Asia’s Sky Habitat the most hit. The 509-unit condominium in Bishan sold just 30 percent or 154 units between its launch in April 2012 and March this year.
“After so many cooling measures from the government, now the residential market is not so hot, and we understand that,” said Takashi Utagawa, Managing Director at Mitsubishi Estate Asia.
However, the developer is staying optimistic and has partnered with CapitaLand again to erect another project which is expected to yield some 700 units next to Sky Habitat.
Meanwhile, the majority of Japanese players are undeterred by the measures.
Despite selling close to 99 and 83 percent of its Watertown and Q Bay Residences projects, Kenta Konishi, Managing Director at Sekisui House Singapore, said: “We cannot be too optimistic about the impact (of the cooling measures) so we have to be very careful to the response of the market.”
Shinji Yamana, Managing Director at ORIX Investment and Management, which developed Nassim Park Residences with UOL, stated: “As ORIX is planning to be here long term, I do not foresee these changes derailing our future plans here.”
Source : PropertyGuru – 2013 May 3
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