Developers to cut prices next year for 31K unsold private condos, 1/2 subject to ABSD

[Papsmearer]

Battered residential developers forced to slash prices to evade hefty fines

Over 14,600 flats will be subject to ABSD soon.

Too many flats, too little time. The race to move unsold inventory is going to heat up in 2015, as the clock is ticking for policy-battered residential developers whose projects are subject to the Additional Buyer’s Stamp Duty (ABSD).

Under the ABSD, projects built on sites purchased under the Government Land Sales programme since 7 December 2011 have to be fully sold within five years. Otherwise, developers will be fined 10% of the purchase price for sites bought before 11 January 2013, and 15% of the purchase price for sites acquired after this date.

According to Nomura, there are currently about 31,000 units of unsold private housing inventory across the island. Of this, 47% or 14,600 flats are subject to the ABSD rule.

“While the overall representation is less than half, the situation appears more pressing for unsold inventory in the OCR (a proxy for mass market private housing). Our estimates suggest about 80% of the circa 12,100 units in uncompleted inventory in the OCR are subject to the ABSD rule. We therefore think there could be more urgency for developers with such inventory to cut prices in 2015F to stimulate sales,” noted Nomura.
- See more at: http://sbr.com.sg/residential-prope...prices-evade-hefty-fines#sthash.QMf8NbRA.dpuf

 

[SgGoneWrong]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

1 bed room now asking over 900k. After cut price at 800+k near 900k?
Cheap boh?

 

[virus]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

1 bed room now asking over 900k. After cut price at 800+k near 900k?
Cheap boh?

too farking cheap... if i buy, i become a cheapo. puiz... that's insulting my dignity according to mr wicked lim.

 

[SgGoneWrong]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

That pickture shouldn't use $50 and $100 notes, that's reducing his dignity. Should use $1000 notes.

 

[drambuie]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

I dont know much about condo property but those greedy will get burn for sure.

 

[Yingge]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

KNN, just need to bring in another 100k ah tiong next 2 months. All the problem settle...

 

[drambuie]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

Ah tiong can solve condo problem but bring other problems so its not a good move.

 

[Cerebral]

Property prices have started its decline. Now this new ruling, couple with corruption crackdown in China and global economy slowdown, i think it is due for at least a 30% correction

 

[johnny333]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

If there is a property melt down who is going to get hurt locals, foreigners, or the PAP

Is this going to affect the GE which I think will be in 2015

 

[SgGoneWrong]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

Property prices have started its decline. Now this new ruling, couple with corruption crackdown in China and global economy slowdown, i think it is due for at least a 30% correction

As long as rental is firm, won't correct much.

 

[SgGoneWrong]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

If there is a property melt down who is going to get hurt locals, foreigners, or the PAP

Is this going to affect the GE which I think will be in 2015

Pap is just tolerating with fucking peasants for a few months and once after next gE, cooling measures all out of the window and mass import of fts begin again.

 

[SgGoneWrong]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

Ah tiong can solve condo problem but bring other problems so its not a good move.

So u want ah nehs, pinoys or Burmese or?

 

[dr.wailing]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

Pap is just tolerating with fucking peasants for a few months and once after next gE, cooling measures all out of the window and mass import of fts begin again.

Totally correct.

 

[drambuie]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

So u want ah nehs, pinoys or Burmese or?

If they dont build so many condos then no need to import so many people then we can choose the good ones. Now is anyhow take.

 

[johnny333]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

If they dont build so many condos then no need to import so many people then we can choose the good ones. Now is anyhow take.

I think all this excess housing is planned for the ASEAN free trade agreement that will be implemented in 2015.
The PAP is probably expecting millions of new foreigners coming to Spore. That is why there are so many extra housing available & this it is not to give choice for the local buyer.

Once the GE is over & the PAP is confirmed for another 4-5 years we can expect the PAP to return to business as usual. They will then open the door again & Spore will be swamped with even more FT

The 60% better wake up or else the congestion in Spore is going to get worse:(

 

[virus]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

So u want ah nehs, pinoys or Burmese or?

3 ah nehs in hawker centers, 3 pinoys in foodcourt and 3 burmese in restuarants and extra chilli and cheese to go please.

 

[soIsee]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

1 bed room now asking over 900k. After cut price at 800+k near 900k?
Cheap boh?

Cheap? Not when break even cost for Papies linked developers are at less than $500k! LoL

 

[laksaboy]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

Why not turn them into dorms for foreign workers? You can solve the overcrowding in Geylang.

When you find a buyer, just move the workers elsewhere and clean up the condo unit.

Win-win solution, no?

 

[Narong Wongwan]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

I think all this excess housing is planned for the ASEAN free trade agreement that will be implemented in 2015.
The PAP is probably expecting millions of new foreigners coming to Spore. That is why there are so many extra housing available & this it is not to give choice for the local buyer.

Once the GE is over & the PAP is confirmed for another 4-5 years we can expect the PAP to return to business as usual. They will then open the door again & Spore will be swamped with even more FT

The 60% better wake up or else the congestion in Spore is going to get worse:(

Yes correct.
Only simple minded sinkies would think there's trouble brewing in proerty market.
Since laymen also can spot this, the vile pappies probably planned it all along.
With everything little detail under pappies control.....and their vested interests in property market.....dun think for a moment pappies would do unprofitable business.....they've got plan b plan c d e f all lined up

 

[OverTheCounter]

Re: Developers to cut prices next year for 31K unsold private condos, 1/2 subject to

Property prices have started its decline. Now this new ruling, couple with corruption crackdown in China and global economy slowdown, i think it is due for at least a 30% correction

Altogether now .... HUAT AH!