Property developers in Singapore are being creative and have introduced various unique amenities to housing projects. Developers are hoping to lure homebuyers to buy residential properties amid market slowdown.
Gone are the days when condominium complexes or residential properties will feature a park or a swimming pool to attract home buyers. Nowadays, Singapore real estate developers are offering more amenities and features such as a boxing ring and free music or cooking lessons, reports Singapore's Today Online. These are just some of the amenities that Singapore developers have introduced to win potential home owners after home sales dropped to a six year low last year. The housing market slowdown, along with the impending oversupply of homes, pushed real estate developers to think of innovative services to move inventory.
One of the residential properties in Singapore set to open its doors for occupancy in 2019 is the recently launched High Park Residences condominium at Fernvale, states the site. The new condominium complex has around 118 amenities spread over 366,000 square feet of land. Aside from the usual swimming spots, barbeque areas and playgrounds, High Park Residences will also feature an indoor and outdoor movie theaters, boxing rings, a three-meter high swirl and splash water slide, a flying fox, a hammock garden and a music room. The developer has also introduced free lifestyle lessons for two years such as kickboxing, baking, swimming, violin lessons and others.
The Today report also cited a similar property development located in Jurong which introduced the first-bike themed property in Singapore. The executive condominiums, named Westwood Residences, comes outfitted with an outdoor mini-velodrome and a covered bicycle garage that can house up to 500 bikes. The property complex even has a specially designed bike maintenance area with washing, drying and repair provisions. The Westwood Residences are expected to gain their Temporary Occupancy Permit in August 2018.
The innovative packages that property developers have included in their real estate listings seemed to work since home sales in Singapore surged to a two year high in July, states CNBC. Around 70 percent of the July home sales even came from High Park Residences' transactions, states analysts. However, experts are still skeptical about the positive change in Singapore's housing market. Chua Yang Liang, head of research for South East Asia and Singapore at real estate services firm JLL, said that overall demand in the housing market remains "tepid" given that less than 30 percent of transactions came from previously launched projects.
He added, "In my opinion, this stunning performance in July is an exception and it is not likely to cause a major shift in our forecast on the overall transaction volumes."
