{"id":51749,"date":"2017-04-13T05:00:52","date_gmt":"2017-04-12T22:00:52","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/divorcing-couples-cause-heartbreak-for-ec-developers\/"},"modified":"2017-04-13T06:01:24","modified_gmt":"2017-04-12T23:01:24","slug":"divorcing-couples-cause-heartbreak-for-ec-developers","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/divorcing-couples-cause-heartbreak-for-ec-developers\/","title":{"rendered":"Divorcing couples cause heartbreak for EC developers"},"content":{"rendered":"


\nCrowds at the Bellewaters showflat for the re-balloting exercise. (Photo: Qingjian Realty)
\nChinese developer Qingjian Realty conducted a re-balloting exercise for 10 units at its fully-sold Bellewaters executive condominium (EC) in Sengkang last Saturday (8 April).
\nThe 651-unit project comprises three- to five-bedroom units with sizes ranging from 926 sq ft to 1,528 sq ft. It is expected to be completed by this quarter.
\nPropertyGuru understands that a mix of unit types were resold and demand was particularly strong. \u201cThe ballot units were more than four times oversubscribed with a total of 43 applications,\u201d said Yen Chong, Deputy General Manager at Qingjian Realty.
\n\u201cThese units became available when the original buyers did not meet the eligibility requirements (of the Housing and Development Board) for an EC purchase,\u201d she noted, without going into specific details.
\nOne industry expert who chose to remain anonymous, said that in such cases, a change in family nucleus is the main contributing factor. This could be due to the breakup of an engagement, divorce or death of a family member, with the first two scenarios being the most common reasons. Thus, they must pay a five percent cancellation fee, down from 20 percent in 2013.
\nCalling it a common issue faced by EC developers, the source added: \u201cThe developer will have to actively re-market such units to avoid incurring the Additional Buyer\u2019s Stamp Duty (ABSD).\u201d
\nUnder the ABSD rules introduced in December 2011, developers must build and sell all units at their projects within five years of acquiring the sites. Failure to do so will incur a 10 percent levy on the land price, plus a five percent interest. Subsequently, the levy was increased to 15 percent for sites purchased from January 2013 onwards.
\nAlvin Tan, Executive Director of Local Projects at PropNex International, said that in some instances, the affected units could be resold at higher prices, but this depends on which stage the units were released for sale.
\n\u201cIf it is just after launch, it could be sold at launch price. If sales are good, the price would possibly be higher. Only when the project is nearing completion are developers maybe under pressure to offload the units, which could possibly see some discounts coming in,\u201d he said.
\nQingjian would not disclose pricing details for the re-balloting exercise, but URA Realis data shows that the total median transacted price of units at the 99-year leasehold project is $795 psf.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Divorcing couples cause heartbreak for EC developers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Crowds at the Bellewaters showflat for the re-balloting exercise. (Photo: Qingjian Realty) Chinese developer Qingjian...<\/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-51749","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-dsF","jetpack-related-posts":[{"id":51771,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/10-units-at-bellewaters-ec-successfully-re-balloted\/","url_meta":{"origin":51749,"position":0},"title":"10 units at Bellewaters EC successfully re-balloted","date":"April 13, 2017","format":false,"excerpt":"\r Crowds at the Bellewaters showflat for the re-balloting exercise. (Photo: Qingjian Realty) Chinese developer Qingjian Realty conducted a re-balloting exercise for 10 units at its fully-sold Bellewaters executive condominium (EC) in Sengkang last Saturday (8 April). The 651-unit project comprises three- to five-bedroom units with sizes ranging from 926\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":100164,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/qingjian-realty-scoops-singapores-best-developer-award\/","url_meta":{"origin":51749,"position":1},"title":"Qingjian Realty scoops Singapore\u2019s Best Developer Award","date":"October 19, 2018","format":false,"excerpt":"\r Qingjian\u2019s Deputy GM Yen Chong collecting the Best Developer Prize from Lim Wenhui, Chairperson of the judging panel at the gala dinner. Soaring architectural beauties; innovative and smart lifestyle developments that inspire luxury city living with incredible leisure facilities. 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To ensure the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62962,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/280-units-at-le-quest-sold-within-hours-of-launch\/","url_meta":{"origin":51749,"position":4},"title":"280 units at Le Quest sold within hours of launch","date":"August 7, 2017","format":false,"excerpt":"\r Buyers waiting to book their units at Le Quest. (Photo Qingjian Realty) The Le Quest at Bukit Batok opened for sales on Saturday (5 August), with the residential units attracting strong interest from buyers. 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