Property developers in Singapore continue to launch new projects despite the government’s latest cooling measure, the additional buyer’s stamp duty (ABSD).
Frasers Centrepoint is launching Twin Waterfalls, a 99-year leasehold executive condominium project located close to Punggol MRT station. Prices range from S$720 (US$579) to S$750(US$603) per square foot, 20 per cent cheaper than the recently released Watertown.
Palm Isles at Flora Drive is a 99-year leasehold condominium development with 429 units and an average price of just under S$900 (US$723) per square foot.
Developers remained tight lipped on the subject of more competitive pricing at the recent Real Estate Developers’ Association of Singapore (REDAS) Spring Festival luncheon as most felt it would be premature to judge the true effects of the ABSD this early. Each developer is expected to react to the cooling measure in a different manner depending on the target market and product.
Since the additional buyer’s stamp was brought in Singapore has seen a decline in foreign investors
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