Property cooling measures scuppered ‘long awaited’ recovery, could worsen supply glut

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#8
With the recent "friendly reminder" by our govt of the 99 year HDB time bomb issue, it may be time to research and "value- invest" in private properties(at the minimum, 99 leasehold private prop can enbloc & maybe get a windfall) too !  Smile

I think it shd also be noted that when a property project claims to be X% sold, it may merely be referring to the no. of units launched and sold(e.g. Phase I etc), and not referring to the entire project.  So we have to be very discerning when reading property reports.  Dodgy

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Developers re-issuing options amid cooling market, launch bonanza
Credit Suisse says two-thirds of options in December developer sales lapsed
Thu, Feb 28, 2019 - 5:50 AM

DEVELOPERS reported that they sold 602 private housing units in December - but the figure has turned out to be distorted because options for two-thirds of them were not exercised by the expiry date.

Lapsed options or "returned units" may be gaining pace following the July cooling measures and new launches begin to pile up, some market players say......

He added: "As with most projects, OTPs typically lapse or were re-issued due to various reasons such as change of mind on the purchase, request for additional and/or deletion of name or change of unit. Moreover, when the recent property cooling measures took effect in July 2018, some homebuyers including HDB upgraders required more time to arrange their finances and loans.".......

Several market players told The Business Times that buyers were not backing out en masse, and in their experience, most reissued OTPs were eventually exercised. A real estate agent said that the practice isn't against current rules by the Controller of Housing, "as long as it's requested by the buyer and the developer is okay with it"......

More details at https://www.businesstimes.com.sg/real-es...ch-bonanza
"Let all that you do be done in love." 1 Corinthians 16:14
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RE: Property cooling measures scuppered ‘long awaited’ recovery, could worsen supply glut - by dreamybear - 02-03-2019, 04:35 PM

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