Just 149 units of new private homes were sold last month in February - a 65.6 per cent drop from 433 a year ago, compared with 281 new private home units transacted in January this year.
"Some buyers may be on a wait-and-see attitude in the face of ample new launch options and secretly hoping that the US Federal Reserve may cut interest rates later this year," said Kiwi Lim from the largest private real estate agency - Huttons Asia, "soft global economic conditions and war may also dampen buyer sentiments for the time being, but I feel this also indicates that developers are likely to launch their condo projects at more realistic pricings to entice buyers."
The Business Times also recently reported several projects that may see their ABSD deadline by 2024 this year or be hit with hefty stamp duty penalties for missing the deadline with Cuscaden Reserve being one of the projects that were highlighted.
The Straits Times (ST) reported that Cuscaden Reserve had secured an ABSD deadline extension to 2024. The luxury leasehold condo Cuscaden Reserve in District 10 is relaunching at a discounted offer starting from S$2,900 per square foot (psf), after an initial sales deadline to clear all unsold units in 2023 was extended to 2024. This is about 20 per cent lower than the average price of about S$3,600 psf that 12 units have sold for since the Orchard area condo was launched in September 2019.
"This is indeed a great opportunity that is not often available where investors or home buyers who desire a prestigious Cuscaden address can secure a 'paper gain' buying at a 'hugely discounted' price compared to previous buyers." said Kiwi Lim.
At yesterday's relaunch of Cuscaden Reserve on 16 March 2024, the developer saw 45 (57%) out of 79 units released were sold by private placement. More than 80 cheques were collected as expressions of interest (EOI) during the two-week preview that began on 2nd March.
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Yesterday's sales launch of Lentor Mansion - a luxury private residential condo project jointly developed by GuocoLand and Hong Leong Holdings saw a whopping 75% of its total units snapped up by eager buyers - mainly comprising owner-occupiers made up of 99% Singaporeans and PRs within the weekend preview. Approximately 400 units of mostly 2 bedrooms and 3 bedrooms were sold to buyers who loved the design of the development and its layout with average prices around $2,1xx psf - $2,4xx psf as at 17 March (Sunday).
Inspired by the black-and-white bungalows and the second project in GuocoLand’s Mansion series after Meyer Mansion which is located in District 15 along Meyer Road, Lentor Mansion evoked the elegance of the colonial era black-and-white bungalows and the natural environment surrounding such heritage homes.
Lentor Mansion’s double-storey clubhouse - with the black-and-white bungalow theme, named “The Mansion”, is the social nexus of the entire development where residents can welcome their guests at the drop-off point and host them in the various function rooms.
Lentor Mansion is also the first private residential condo project sold post-harmonisation of the strata and gross floor area by URA and other government agencies. The harmonisation of the floor area was introduced for GLS sites sold from Sept 1, 2022.
"Harmonising the floor areas will translate to more efficient residential units and Lentor Mansion will be selling units based on liveable space - excluding the areas for the aircon ledge." said Kiwi Lim
Credit: Straits Times, Edgeprop and Business Times
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