\nMore robust figures than we\u2019ve become accustomed to<\/p>\n
A healthy 55 percent of units at The Peak @ Cairnhill II, a freehold 18-storey luxurious development in Singapore\u2019s prime Orchard Road district, were sold at launch in January.
\nThe project from TG Development has reported 34 out of 60 units sold already. The units were sold on an average price of SGD2,700 per sqft.
\n\u201cThe luxury market is indeed showing signs of improvement in 2017. We are heartened by the good take up rates of our development,\u201d said Ong Boon Chuan, Managing Director of TG Development.
\nData from the Urban Redevelopment Authority\u2019s (URA) Q3 and Q4 2016 demonstrated that similar high-end developments such as OUE Twin Peaks and Gramercy Park also saw promising sales. 237 and 44 units were sold at OUE Twin Peaks and Gramercy Park respectively in 2016.
\n\u201cThis shows quality developments such as ours can still move amid the challenging property market in Singapore. Buoyed by market confidence, we felt this was opportune time to launch The Peak @ Cairnhill II and our results speak for themselves,\u201d said Ong.
\nMore: The multimilion-dollar decay of old Singapore bungalows<\/p>\n
The strong take-up rates can be put down to the Enhanced Deferred Payment Scheme, explained Ong, with most units sold through this scheme.
More robust figures than we\u2019ve become accustomed to A healthy 55 percent of units at...<\/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-44227","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-bvl","jetpack-related-posts":[{"id":44039,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/over-55-of-the-peak-cairnhill-ii-sold-at-launch\/","url_meta":{"origin":44227,"position":0},"title":"Over 55% of The Peak @ Cairnhill II sold at launch","date":"February 14, 2017","format":false,"excerpt":"\r Image: Developer\u00a0brochure The Peak @ Cairnhill II, a freehold 18-storey luxurious development by TG Development, received robust response during its launch in January, with 34 out of 60 units snapped up at an average price of S$2,700 psf. This brings the development\u2019s total take-up rate to over 55 percent.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":27891,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-home-market-unaffected-by-indonesian-tax-amnesty\/","url_meta":{"origin":44227,"position":1},"title":"Singapore home market unaffected by Indonesian tax amnesty","date":"September 30, 2016","format":false,"excerpt":"\r Indonesian property holdings in Singapore have seen lower than expected\u00a0liquidation since the introduction of the TAS. The implementation of the Tax Amnesty Scheme (TAS) in Indonesia has not had any material impact on Singapore\u2019s residential segment, said Credit Suisse in a report. Credit Suisse noted that Indonesians have historically\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24010,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/real-storeys-the-struggle-for-success\/","url_meta":{"origin":44227,"position":2},"title":"Real Storeys: The struggle for success","date":"August 26, 2016","format":false,"excerpt":"\r At 27, Jessica Siow has achieved what many her age only dream about. (Photo: Cheryl Marie Tay) Jessica Siow took the leap from a steady salary to the unpredictable world of property sales. Despite obstacles early in her career, things have turned out remarkably well for her. by\u00a0Cheryl Marie\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":107083,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/oue-profit-up-0-3-in-q1-2019\/","url_meta":{"origin":44227,"position":3},"title":"OUE Profit Up 0.3% In Q1 2019","date":"May 13, 2019","format":false,"excerpt":"\r Its development property division contributed $7.2 million in revenue, due to the completion of certain OUE Twin Peaks units sold under deferred payment schemes. Mainboard-listed OUE\u2019s profit for the first quarter of 2019 increased 0.3 percent year-on-year to $1 million, while revenue rose 1.2 percent year-on-year to $147.3 million.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28767,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-home-market-unaffected-by-indonesian-tax-amnesty-2\/","url_meta":{"origin":44227,"position":4},"title":"Singapore home market unaffected by Indonesian tax amnesty","date":"October 6, 2016","format":false,"excerpt":"\r Lower than expected liquidation since the introduction of the tax amnesty program The implementation of the Tax Amnesty Scheme (TAS) in Indonesia has not had any material impact on Singapore\u2019s residential segment, said Credit Suisse in a report. Credit Suisse noted that Indonesians have historically been amongst the largest\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26067,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-indonesians-buying-luxury-singapore-real-estate\/","url_meta":{"origin":44227,"position":5},"title":"More Indonesians buying luxury Singapore real estate","date":"September 14, 2016","format":false,"excerpt":"\r Indonesians have already bought 30 properties in Singapore valued at USD5 million or more this year, up from just eight for the whole of 2015, data shows Singapore skyline. beboy\/Shutterstock The number of Indonesian nationals purchasing luxury homes in Singapore has nearly quadrupled from last year\u2019s total, reported Bloomberg.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/44227"}],"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=44227"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/44227\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=44227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=44227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=44227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nUnder the scheme, buyers are only required to pay a 20 percent option fee. They are also given a two year period to exercise the option-to-purchase.
\nbuyers will only need to pay a 20 per cent option fee. They also will be given a two year period to exercise the option-to-purchase. In the meantime, they sign a master tenancy agreement with the developer which allows them to rent out the unit and get rental income.
\nCurrently, the developer is offering a 12 percent discount while absorbing the buyers\u2019 property tax and two years of maintenance fees.
\n2016 was a challenging year for Singapore\u2019s property market, with a number of government cooling measures such as the Additional Buyers\u2019 Stamp Duty (ABSD), Sellers\u2019 Stamp Duty (SSD) and Total Debt Service Ratio (TDSR) being introduced.
\nRead next: The multimilion-dollar decay of old Singapore bungalows
\n
\nSource : property-report.com
\nRead more…Is this proof that Singapore\u2019s luxury market is recovering?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"