{"id":55577,"date":"2017-05-22T10:38:20","date_gmt":"2017-05-22T03:38:20","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-posts-higher-sales-in-upscale-condos\/"},"modified":"2017-05-22T10:40:51","modified_gmt":"2017-05-22T03:40:51","slug":"singapore-posts-higher-sales-in-upscale-condos","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-posts-higher-sales-in-upscale-condos\/","title":{"rendered":"Singapore posts higher sales in upscale condos"},"content":{"rendered":"


\nBetter sales in 2016 can be attributed to a good selection of choice units in completed developments such as\u00a0Tomlinson Heights, Leedon Residence\u00a0(pictured) and TwentyOne Angullia Park (Image: Artist\u2019s Impression).
\nSale of luxury condos and private apartments costing at least S$10 million increased to 36 units last year, reported The Business Times, citing URA Realis caveats data compiled by Savills.
\nThis is up from 21 units in 2015 and 24 units in the preceding year. Sales momentum also continued this year, with 16 transactions for the first four months of 2017.
\nSavills Singapore\u2019s Head of Research Alan Cheong attributes last year\u2019s higher sales to attractive pricing due to price drops, while developers intensified their marketing efforts to dispose all their remaining units within two years of obtaining the project\u2019s Temporary Occupation Permit (TOP) or to sell as many units as they can to reduce the penalty amount.
\nUnder the Residential Property Act\u2019s Qualifying Certificate (QC) rules, all developers with non-Singaporean shareholders or directors need to sell their units before the deadline. If not, they need to pay an additional eight percent, 16 percent and 24 percent of the land price to extend the deadline for the first, second and subsequent years, respectively. The fine is pro-rated based on the percentage of remaining units.
\nAnother reason for the better sales in 2016 is the good selection of new, spacious units in completed developments like Tomlinson Heights, Leedon Residence and TwentyOne Angullia Park.
\nFor instance, five of the 16 units sold between January to April 2017 came from GuocoLand\u2019s freehold Leedon Residence, which obtained its TOP in June 2015. Their sizes ranged from 4,704 sq ft to 8,051 and were priced from S$10.15 million to S$12.50 million.
\nLast month, Hotel Properties found buyers for two five-bedroom apartments at Tomlinson Heights, a 36-storey freehold project completed in August 2014. A unit on the 14th level was sold for S$10.75 million or S$2,656 psf, while a 34th floor unit was picked up for S$11.15 million or S$2,755 psf.
\nMeanwhile, a unit on the 23rd level of Wing Tai\u2019s Le Nouvel Ardmore condo was taken up for S$15.17 million or S$4,005 psf in March.
\nThe most expensive deal for the first four months of 2017 was the sale of a mid-level apartment in the Signature Tower of The Marq on Paterson Hill for S$21.8 million or S$3,498 psf. However, the seller, Singapore permanent resident and Chinese national Chan Ki, originally bought the unit from the developer for S$26.4 million in 2007.
\nFurthermore, some agents believe that the sales of high-end condos and apartments are unlikely to rise sharply, unless the additional buyer\u2019s stamp duty (ABSD) is eased.
\n\u00a0
\nThis article was edited by Denise Djong.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore posts higher sales in upscale condos<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Better sales in 2016 can be attributed to a good selection of choice units in...<\/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-55577","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-esp","jetpack-related-posts":[{"id":112645,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/upward-momentum-in-sg-condo-prices-could-last-until-q3-2020\/","url_meta":{"origin":55577,"position":0},"title":"Upward momentum in SG condo prices could last until Q3 2020","date":"November 26, 2019","format":false,"excerpt":"\r \u00a0 Good news for sellers (and developers). 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