03 Apr '17, 3am

Opting for discounts could push home prices even lower,prolonging a 3-yr slide in property values #singaporeproperty

Opting for discounts could push home prices even lower,prolonging a 3-yr slide in property values #singaporeproperty

Singapore's recent unwinding of some property curbs, which initially appeared to boost prospects for developers, may instead be creating new problems. After regulators closed a tax loophole that allowed developers to offload apartments in bulk to institutional investors and wealthy Singaporeans, many of the city's builders now face an unpalatable choice: discount unsold luxury homes or pay stiff penalties for missing government-mandated sales deadlines. Opting for discounts could push home prices even lower, prolonging a three-year slide in property values. The alternative could be even more costly. About 2,098 homes remain unsold in 57 projects and penalties on these could total about S$647 million this year, according to industry estimates based on official data. "This could incentivize them to give greater discounts to buyers who have been waiting on the sidelines for f...

Full article: https://www.srx.com.sg/singapore-property-news/35132/unwi...

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