The Urban Redevelopment Authority (URA) illustrated that the value of private homes was down by 0.5 per cent in the last quarter of 2015. This was an accumulated 1/3 per cent quarter-on-quarter fall observed in the third quarter of 2015. However, 2015 only resulted in 3.7 per cent drop in prices for Lend Lease Condo near City Plaza, compared to a fall of 4.0 per cent in 2014.
Lend Lease Condo near City Plaza
Nin-landed private home prices in Core Central Region (CCR) dropped 0.3 per cent q-o-q while in the city outskirts (Rest of Central Region (RCR), prices dropped by 0.4 per cent. There was not price change in the suburbs OCR (Outside Central Region). Schools such as Geylang Methodist Primary School, Geylang Methodist Secondary School and Tanjong Katong Girls’ School are around the area.
For all quarters in w015, non-landed private homes in CCR, RCR, and OCR dropped by 2.5 per cent, 4.3 per cent and 3.7 percent in that order.
The URA report also showed that private residential rentals dropped by 1.3 per cent in the fourth quarter of 2015. In the previous quarter, the drop was a marginal 0.6 per cent. The entirety of 2015, there was a decline of 4.6 per cent in the market compared to a 3.0 per cent fall in 2014.
Paya Lebar Central Condo One KM Mall
The director further observed that Government Land Sales (GLS) developers could pay as much as $39.6 million in 2016 as ABSD. In 2018, the figure could go as high as $568 million. For projects located on non-GLS sites, ABSD duty would kick in at the end of the year and early next year.
Due to this, developers have introduced incentives to propel their City Plaza sales agents to get more buyers, according to Mr. Desmond Sim, the research head at CBRE in Singapore and South-East Asia.
Geylang Methodist Primary School Mix Development
Non-Singapore developers are further required to complete a residential project five years after buying the site, and they should have sold all their units two years after completion. This is another source of pressure, as coded in the Qualifying Certificate (QC) rules. If a developer wants extra time to finalize completion or sales, then he has to pay for the extension. Unlike the ABSD, the QC amount is pro-rated about the number of unsold units in Lend Lease Australia Condo.
However, it does appear that non-Singapore developers will attract further ABSD charges. Ms Christine Li noted that ABSD charges will kick in first, and if a developer wants to avoid paying hefty charges, then they must sell as many units as possible. Therefore, when they are pro-rated, the less number of units remaining will attract a smaller charge. Ms. Christine is the research director at Cushman and Wakefield.