Discounts, launch delays in wake of property cooling measures

Right: SP Setia sold 50 units at Daintree Residence in the first phase of the 327-unit project's launch at the weekend. Far right: Previews of South Beach Residences have been postponed.
SP Setia sold 50 units at Daintree Residence in the first phase of the 327-unit project’s launch at the weekend. PHOTO: LIANHE WANBAO

Slower sales of private property affecting prices, but cuts not expected to be steep

New private property projects after Daintree Residence - the first new launch since the surprise round of cooling measures kicked in on July 5 - are expected to enter the market at slightly lower prices, following slower sales at some projects launched earlier this month, analysts say.

Discounts of up to 5 per cent from expected launch prices and other incentives are being offered to entice buyers in the wake of the higher Additional Buyer's Stamp Duty (ABSD) rates and tighter loan limits. For instance, Parksuites in Holland Grove Road is offering an additional 5 per cent discount "for a limited time only", according to its newspaper advertisement last Saturday.

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A version of this article appeared in the print edition of The Straits Times on July 31, 2018, with the headline 'Discounts, launch delays in wake of cooling measures'. Print Edition | Subscribe