Private property condominiums which operated before and right after the birth of new property restrictions are decreasing their prices in every unit as high as from 10 – 5 %, said the Todayonline.
Dr Tan Tee Khoon, the executive director of Knight Frank, said, ” The special price promo is to fender the sudden impact of cooling policy thus motivating people to buy.”
For example, around Upper Bukit Timah is the Daintree Residence, which decreased its regular price by at least 5.0 per cent, jumping from $1,800 psf , the original price down to $1,710 psf. This is considered as the pilot residential property development in Singapore to soar following the new cooling policy which has its full implementation 6th of July.
In Potong Pasir anchors The Tre Ver, where its units have a standard price of more or less $1,550 psf at the time of its launching, August 04. This signifies that condos are 10 percent at low-priced compared to its neighbouring development the Park Colonial which has a fixed price of $1,750 psf. The Tre Ver developers pushed the property launching on July 05, at night time before the new policy’s implementation.
However, the Affinity at Serangoon positioned around Yio Chu Kang is also giving 5.0 a discount from 7.0 percent down to 5.0 percent to its one bedder and two-bedroom condos. But this is valid to the succeeding 20 units that are sold starting July 12. Also, Martin Modern is offering 5.0 per cent off in selected flats sold beginning that date. The last but not the least is the Margaret Ville located at Queenstown, which spares a $20,000 discount.
Although real estate developers have cut prices over projects in private residential developments, Lee Sze Teck, the research head of Hutton’s Asia and Knight Frank Tan, both agreed that flat prices have the chance to decrease more in next months to come while land costs and construction freezes, with residential areas owned at “unmatched prices.”