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21 January 2013

21st January, Monday




More projects offer discounts to offset ABSD

Source: Business Times

Property developers intensified their discounts and incentives to entice buyers to pull out their cheque books after the government took new steps on 11 January to cool the private property market.

After 99-year leasehold Q Bay Residences in Tampines offered a 5-7 per cent discount last week to offset the effect of additional buyer's stamp duty (ABSD), other property developers have joined the discount bandwagon.

Far East Organisation Sunday took out an advertisement in The Sunday Times offering additional discounts of up to 4 per cent on selected properties such as The Seawind at Telok Kurau, SeaHill at West Coast Link and euHabitat at Jalan Eunos, on top of discounts already in place.

SMSes sent by housing agents showed that discounts have deepened to 10-15 per cent at d'Leedon, the Farrer Road luxury condominium developed by CapitaLand. They said that prices are starting from more than $1,300 per sq ft (psf).

Lee Sze Teck, senior manager of research and consultancy at Dennis Wee Group, believes that those offering discounts or some other incentives to offset the cooling measures 'will probably see more prospective buyers going to their showflats.

Analysts added that the discount sweet spot is now; and like all good things, it will not last forever.

"The window of opportunity is during these few weeks. The steepest discount will be in first quarter of 2013, then the discount will taper off. Instead of 5-7 per cent, buyers may get 2-5 per cent discounts," he said. "Buyers shouldn't be expecting discounts of up 10-20 per cent."

"Discounts may not become the norm... Developers also started to offer discounts and incentives to offset ABSD after December 2011. But after a while, when market momentum started going again, these were withdrawn gradually," said Mr Lee.


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New launches still attracting crowds but...

Source: The Straits Times

Property buyers were undeterred by rain or recent cooling measures, as they continued to throng the showflats of newly launched developments around the island.

However, most seemed to be looking instead of queueing up to sign on the dotted line.

EL Development's 810-unit La Fiesta in Sengkang sold another eight units during the weekend, bringing total sales to about 380 units since its launch. The showflat of this project next to Sengkang Square has been bustling with people since its launch on the night of Jan 11, and the crowds have barely abated.

Qbay Residences in Tampines, which began preview sales last Friday, has already sold 315 units.

Less recent projects attracted fewer potential buyers. The showflats at Eight Riversuites in Whampoa East, for example, were rather quiet over the weekend. The 862-unit development was launched in May last year.


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Investment Sales


Bungalow plot at Chee Hoon Ave up for sale

Source: Business Times

A bungalow plot in District 11 has been put on the market for auction sale next month, and is expected to fetch more than $23 million, said the marketing agent.

The 15,184 sq ft site - 8 Chee Hoon Avenue - is easily accessible and has a 37-metre frontage.

The property was put up for sale by the estate of the late Molly Ong Nee Chan, wife of the late Dr Ong Swee Law, chairman of the Public Utilities Board and founder of the Singapore Zoo.

The plot is located within walking distance of the Botanic Gardens, Cluny Court and Serene Centre, and is close to popular schools such Anglo-Chinese School, Nanyang Primary and Raffles Girls' Primary.

The auction of the Chee Hoon Ave plot is on 27 Febuary.


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