22 Apr '16, 4am

If you're looking for a home purchase in a new project, it remains a buyers market:

CapitaLand has had to pay $2.7 million to extend its deadline to sell the remaining units at The Interlace. CapitaLand forked out S$2.7 million in extension charges for the 127 unsold units in The Interlace. This works out to S$21,000 per unit or S$7 psf, reported TODAYonline . Originally, the remaining flats at the 1,040-unit condominium on Depot Road should have been disposed by 13 March, but since paying the charges, CapitaLand’s deadline to sell the leftover properties there has been extended by another six months. Last month, Real Estate Developers’ Association of Singapore (REDAS) President Augustine Tan estimated that developers in Singapore could bear nearly S$100 million in extension charges for failing to sell their remaining inventory in 2016. In its latest earnings report, CapitaLand revealed that it has found buyers for 89 percent of the units it has launched ...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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