{"id":112208,"date":"2019-11-08T11:21:56","date_gmt":"2019-11-08T04:21:56","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-remain-upbeat-despite-2020-absd-deadline\/"},"modified":"2019-11-08T12:03:47","modified_gmt":"2019-11-08T05:03:47","slug":"developers-remain-upbeat-despite-2020-absd-deadline","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-remain-upbeat-despite-2020-absd-deadline\/","title":{"rendered":"Developers remain upbeat despite 2020 ABSD deadline"},"content":{"rendered":"


\nWhile the seven projects still have a total of 95 unsold units, most have already moved more than 90% of their inventory as at end-September.
\nDevelopers of seven housing projects are confident of beating the 2020 additional buyer\u2019s stamp duty (ABSD) deadline, on the back of robust demand and low supply during the launch of their projects, reported Business Times.
\n\u201cThe majority of projects with ABSD deadlines in 2020 and 2021 were launched in 2016 to 2018, which benefited from the recovery of property prices and demand in 2017,\u201d said Wong Xian Yang, senior manager (research) for Singapore & Southeast Asia at Cushman & Wakefield.
\n\u201cOn the supply side, these projects were acquired in 2015 and 2016, a time when market sentiment was relatively weak and before the ramp-up of en bloc sales. When demand poured in during 2017, the supply of new launches was relatively low. As such, these \u2018first movers\u2019 enjoyed brisk sales.\u201d
\nExperts: why private home prices are increasing.\u00a0
\nCushman & Wakefield data showed that the seven projects have a total of 95 unsold units. However, a majority of them have already moved more than 90% of their inventory as at end-September.
\nHao Yuan\u2019s executive condominium Northwave cleared its last unit as at end-September, while Pinnacle Assets\u2019 Cayman Residences only has two remaining unsold units.
\nFar East Consortium-backed FEC Skyline, on the other hand, is confident of selling the 45 unsold units at its Artra condominium before its 2020 ABSD deadline, pointing to project\u2019s full range of facilities and access to Redhill MRT station as likely draws.
\nHY Realty also expects to sell the 32 remaining units at Queens Peak before its June 2020 deadline. \u201cOne of our ongoing (marketing) efforts includes plans to sell the four remaining penthouses with a fully-furnished interior design package, which will enable buyers a faster move-in process with less hassle,\u201d shared a spokesperson for HY Realty.
\nMeanwhile, residential projects with a 2022 ABSD deadline may face a bleaker outlook considering the economic slowdown.
\n\u201cA shorter economic downturn with earlier recovery would reduce the risks for these projects but if the downturn deteriorates and is prolonged, negative sentiments could weigh on demand and affect sales adversely,\u201d said JLL senior director of research and consultancy Ong Teck Hui.
\nDevelopers are mandated to develop the residential site they acquired and sell all units within the new project in five years for them to qualify for upfront remission of ABSD\u00a0based on the purchase price of the land. Failure of the developer to do so means it would have to pay the 25% ABSD with interest. The remissible ABSD for developers was raised from 15% to 25% for land acquired from 6 July 2018.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Developers remain upbeat despite 2020 ABSD deadline<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

While the seven projects still have a total of 95 unsold units, most have already...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-112208","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tbO","jetpack-related-posts":[{"id":36522,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-confident-of-selling-homes-before-absd-deadline\/","url_meta":{"origin":112208,"position":0},"title":"Developers confident of selling homes before ABSD deadline","date":"November 30, 2016","format":false,"excerpt":"\r The Venue Residences must be fully sold by September 2017 in order for CDL to avoid the ABSD charge. Despite the multi-million dollar fines involved if they fail to sell all their residential units within five years, property developers in Singapore are unlikely to cut home prices to attract\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8928,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/its-crunch-time-for-sg-developers-before-the-buyers-stamp-deadline\/","url_meta":{"origin":112208,"position":1},"title":"It\u2019s crunch time for SG developers before the buyer\u2019s stamp deadline","date":"March 23, 2016","format":false,"excerpt":"\r Developers are confident that they can dispose their unsold units in time Alex Residences in Redhill has 173 unsold units Some developers in Singapore are optimistic they can sell all the remaining units in their private residential projects before the stipulated deadline, even if they don\u2019t offer huge discounts,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112995,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-chief-wants-absd-extension-to-ease-immense-pressure\/","url_meta":{"origin":112208,"position":2},"title":"CDL chief wants ABSD extension to ease "immense pressure"","date":"December 11, 2019","format":false,"excerpt":"\r (Above: The recently launched Sengkang Grand Residence by CDL) One of Singapore\u2019s largest developers, City Developments Ltd (CDL), has put the finger on the Additional Buyer\u2019s Stamp Duty (ABSD) levy imposed by the government\u00a0as the indirect cause of\u00a0the large property supply overhang in Singapore. According to the rules, developers\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20908,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/weak-sentiment-continues-to-hurt-spore-property-market\/","url_meta":{"origin":112208,"position":3},"title":"Weak sentiment continues to hurt S\u2019pore property market","date":"July 13, 2016","format":false,"excerpt":"\r Aerial view of high-rise apartment buildings in Singapore. Real Estate Developers\u2019 Association of Singapore (Redas) President Augustine Tan believes weak market sentiment continues to weigh down on Singapore\u2019s property market, reported The Straits Times. He noted that since the government rolled out a slew of property cooling measures from\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118512,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/huttons-en-bloc-cycle-might-start-in-2021\/","url_meta":{"origin":112208,"position":4},"title":"Huttons: En bloc cycle might start in 2021","date":"September 4, 2020","format":false,"excerpt":"\r \u201cThe last en bloc cycle started in 2016. 2021 marks the fifth year from 2016 and most, if not all developers would have sold out their units.\u201d With the number of uncompleted unsold units continuing to trend downwards, Huttons Asia sees a potential en bloc cycle next year. \u201cThe\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123833,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-unveils-new-property-cooling-measures\/","url_meta":{"origin":112208,"position":5},"title":"Singapore unveils new property cooling measures","date":"December 16, 2021","format":false,"excerpt":"\r Singapore unveils new property cooling measuresThe new Singapore property cooling measures, which include a higher ABSD, lower TDSR, and tighter LTV, will take effect from today, 16 December 2021. The Government on Wednesday (15 December) unveiled a package of measures to cool the private residential and HDB resale markets.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/Buildings-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/112208"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=112208"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/112208\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=112208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=112208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=112208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}