It is as numerous articles suggests, as Condo resale market went in a frenzy. Since the increase of new launch prices, alot of the demands overflows to the resale market.
Homebuyers, seeing that the increase went out of their budget, head towards the resale market for more alternatives, as there are fewer and fewer supplies. With that being said, this in turn would meant that the resale market would starting to drive more activities in rentals as well for residentials.
sEven though alot of people feels that we are peaking, we are in the verge of pushing the boundaries as we might see a further hike up upon the revision of the interest rates by the feds.
However, on the other side, this might meant that it is because of the speculation of further appreciation lead consumer to purchase more. With more homebuyers on the look out, this would eventually translate to "the earliest bird gets the worm"
The construction cost hike might further fuel the demand, and with new launches getting "oversubscribe" like the case of Piccadilly Grand, leaves buyers looking at other safe havens to park their cash.
The ones who are readied early would be spoiled for choices, and the ones who are late, finds themselves picking up whatever's left that is available that catches their eyes.