{"id":51196,"date":"2017-04-07T10:20:18","date_gmt":"2017-04-07T03:20:18","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/investment-property-sales-down-38-5-in-q1\/"},"modified":"2017-04-07T10:50:58","modified_gmt":"2017-04-07T03:50:58","slug":"investment-property-sales-down-38-5-in-q1","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/investment-property-sales-down-38-5-in-q1\/","title":{"rendered":"Investment property sales down 38.5% in Q1"},"content":{"rendered":"


\nSeveral bulk residential sales were recorded in Q1 2017 as some foreign developers tried to offload their remaining unsold units to avoid paying hefty penalties.
\nSingapore saw sales of investment properties, or big-ticket property transactions of at least $10 million, drop 38.5 percent to $5.2 billion in Q1 2017, reported the Business Times.
\nProperty consultancy Savills stated that commercial property investment sales accounted for $2.8 billion of the total sales, while industrial properties contributed $344.2 million. The residential sector, on the other hand, made up $2.1 billion.
\nThis comes as a flurry of bulk residential sales were recorded in the first quarter of 2017 as some foreign developers tried to offload their remaining unsold units ahead of the Qualifying Certificate (QC) deadline to avoid paying hefty penalties.
\nDevelopers also secured a slew of last-minute deals on 10 March, including The Lumos, TwentyOne Angullia Park, Robin Residences and The Line @ Tanjong Rhu, to avoid the new additional conveyance duties (ACD), which took effect the next day.
\nThe ACD plugged a tax loophole that allowed some bulk buyers of residential projects in Singapore to enjoy significant savings in stamp duties.
\nWith the new rule, Steven Ming, Managing Director at Savills Singapore, believes institutions will unlikely \u201creturn to the bulk residential sales market as the hefty 18 percent stamp duty cuts deep into their required rates of return\u201d.
\nNonetheless, Desmond Sim, Head of Research, Singapore and South East Asia at CBRE, sees a bright spot in the collective sales market.
\n\u201cWe should see more interest in en bloc sales from land-hungry developers, especially in the face of limited supply through the Government Land Sales Programme.\u201d
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Investment property sales down 38.5% in Q1<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Several bulk residential sales were recorded in Q1 2017 as some foreign developers tried to...<\/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-51196","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-djK","jetpack-related-posts":[{"id":50742,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/spore-property-developers-face-a-dilemma-after-rule-changes\/","url_meta":{"origin":51196,"position":0},"title":"S\u2019pore property developers face a dilemma after rule changes","date":"April 3, 2017","format":false,"excerpt":"\r \u00a0 Property developers in Singapore are faced with a difficult decision after the government closed a tax loophole that enabled them to offload residential units in bulk to institutional investors and wealthy individuals, reported Bloomberg. This is to discount unsold luxury houses or pay penalties for failure to meet\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41546,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/analysts-expect-more-bulk-sales-this-year\/","url_meta":{"origin":51196,"position":1},"title":"Analysts expect more bulk sales this year","date":"January 23, 2017","format":false,"excerpt":"\r Property analysts expect to see more bulk sales deals as developers race to move unsold units to avoid paying the additional buyers\u2019 stamp duty (ABSD) charges and Qualifying Certificate (QC) extension charges this year, reported Today Online. 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Property investment sales in Singapore increased 15.4% quarter-on-quarter to $5.48 billion in the second quarter of 2021, with the residential sector accounting for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/HDB-flats-in-Ghim-Moh.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\/51196"}],"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=51196"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/51196\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=51196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=51196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=51196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}