New property launches are expected to decline, as developers defer project launches over the next few weeks.
The decline could be attributed to the start of the Hungry Ghost Festival but property analysts believe that the uncertainty in the global economy poses a greater threat.
According to a report by The Straits Times, some property developers have no plans of launching any new projects this month. However, they denied that their decision is related to the Hungry Ghost festival.
Roxy-Pacific and Oxley Holdings have announced that they are drawing up plans to launch projects before the end of this year.
Teo Hong Lim, Executive Chairman at Roxy-Pacific, said that launching during the Hungry Ghost Festival could be advantageous, as developers face less competition.
On the other hand, Mr Lim Yew Soon, Managing Director of EL Development, noted that developers typically avoid launching properties during the month-long festival, as they are unlikely to close any deals.
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