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19-01-2013, 09:15 AM
Here we go again! No matter how much you try to cool the market, people are STILL buying, and in droves. You should see the photo which came along with this article. The place was packed to the brim!
The Straits Times
www.straitstimes.com
Published on Jan 19, 2013
210 units sold in a day at new condo
Buyers drawn by discount offered by developers to offset cooling measures
By Esther Teo Property Reporter
JUST one week after the latest round of tough property cooling measures, more than 210 homes were sold yesterday at a new Tampines condominium.
Buyers at a preview of the 630-unit Q Bay Residences were attracted by a discount of 5 to 7 per cent offered by the developers to help offset the measures.
By noon, the showflat in Tampines Avenue 1 was crowded with hundreds of buyers jostling to get in on the action despite the harsh new curbs, such as higher stamp duty and a need for some buyers to stump up more cash upfront.
Q Bay, developed by Frasers Centrepoint, Far East Organization and Sekisui House, is the first private residential project to be launched after the measures.
The most popular units were suites. The project's buyers were mainly first-timers intending to live there, said Mr Cheang Kok Kheong, chief executive of Frasers Centrepoint Homes.
Average prices were lowered to $985 per sq ft (psf) from $1,050 psf as the developers offered discounts of 5 per cent to 7 per cent to cushion the impact of the additional buyer's stamp duty.
Buyers whom The Straits Times spoke to included first-timers, singles and investors who had paid off the mortgages on their existing homes. Many were drawn by the discounts and were largely unaffected by the measures.
Madam Maria Samuel, 55, purchased a five-bedroom apartment. She had been looking for a second home for some time and is unaffected by the measures as the loan for her current home in Flora Road has already been paid off.
"I was told that prices might fall a bit due to the measures but real estate is a good investment and it's the safest... It is a retirement home for us and we do not intend to take a large loan.
"The developer is also absorbing the stamp duty so there is already a price discount there."
Civil servant Clement Ng, 30, a first-time home buyer, is buying a unit as an investment as the area has good access to good schools. He paid about $514,000 for a 527 sq ft one-bedroom unit or $976 psf. "I thought about waiting but... a reputable developer will try to keep prices as high as possible. It's very unlikely they will bid for a land site and sell it at a loss.
"It is a bold move for me but as a first-time buyer, I see the measures as an opportunity instead to come in and get the benefits. It is clear that there are uncertainties ahead, but I just have to ensure that I buy what I can pay for."
A 25-year-old buyer, who declined to disclose his name, picked up two apartments at Q Bay yesterday - one for himself and another for his sister. He said their parents will be assisting them with the investment.
But some developers are more cautious as they assess the impact of the seventh and most extensive round of measures to date.
The launch of Tuan Sing Holdings' Sennett Residence in Potong Pasir will be delayed till the end of next month from its original January launch owing to the measures, said its chief financial officer Chong Chou Yuen. "We're ready but we want to wait and see, and give buyers some time to get used to the measures. We haven't finalised any stamp duty discounts yet and are still considering them."
esthert@sph.com.sg
The Straits Times
www.straitstimes.com
Published on Jan 19, 2013
210 units sold in a day at new condo
Buyers drawn by discount offered by developers to offset cooling measures
By Esther Teo Property Reporter
JUST one week after the latest round of tough property cooling measures, more than 210 homes were sold yesterday at a new Tampines condominium.
Buyers at a preview of the 630-unit Q Bay Residences were attracted by a discount of 5 to 7 per cent offered by the developers to help offset the measures.
By noon, the showflat in Tampines Avenue 1 was crowded with hundreds of buyers jostling to get in on the action despite the harsh new curbs, such as higher stamp duty and a need for some buyers to stump up more cash upfront.
Q Bay, developed by Frasers Centrepoint, Far East Organization and Sekisui House, is the first private residential project to be launched after the measures.
The most popular units were suites. The project's buyers were mainly first-timers intending to live there, said Mr Cheang Kok Kheong, chief executive of Frasers Centrepoint Homes.
Average prices were lowered to $985 per sq ft (psf) from $1,050 psf as the developers offered discounts of 5 per cent to 7 per cent to cushion the impact of the additional buyer's stamp duty.
Buyers whom The Straits Times spoke to included first-timers, singles and investors who had paid off the mortgages on their existing homes. Many were drawn by the discounts and were largely unaffected by the measures.
Madam Maria Samuel, 55, purchased a five-bedroom apartment. She had been looking for a second home for some time and is unaffected by the measures as the loan for her current home in Flora Road has already been paid off.
"I was told that prices might fall a bit due to the measures but real estate is a good investment and it's the safest... It is a retirement home for us and we do not intend to take a large loan.
"The developer is also absorbing the stamp duty so there is already a price discount there."
Civil servant Clement Ng, 30, a first-time home buyer, is buying a unit as an investment as the area has good access to good schools. He paid about $514,000 for a 527 sq ft one-bedroom unit or $976 psf. "I thought about waiting but... a reputable developer will try to keep prices as high as possible. It's very unlikely they will bid for a land site and sell it at a loss.
"It is a bold move for me but as a first-time buyer, I see the measures as an opportunity instead to come in and get the benefits. It is clear that there are uncertainties ahead, but I just have to ensure that I buy what I can pay for."
A 25-year-old buyer, who declined to disclose his name, picked up two apartments at Q Bay yesterday - one for himself and another for his sister. He said their parents will be assisting them with the investment.
But some developers are more cautious as they assess the impact of the seventh and most extensive round of measures to date.
The launch of Tuan Sing Holdings' Sennett Residence in Potong Pasir will be delayed till the end of next month from its original January launch owing to the measures, said its chief financial officer Chong Chou Yuen. "We're ready but we want to wait and see, and give buyers some time to get used to the measures. We haven't finalised any stamp duty discounts yet and are still considering them."
esthert@sph.com.sg
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