{"id":93763,"date":"2018-07-13T10:53:01","date_gmt":"2018-07-13T03:53:01","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-not-to-cut-prices-massively-but-will-be-more-flexible\/"},"modified":"2018-07-13T15:03:28","modified_gmt":"2018-07-13T08:03:28","slug":"developers-not-to-cut-prices-massively-but-will-be-more-flexible","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-not-to-cut-prices-massively-but-will-be-more-flexible\/","title":{"rendered":"Developers not to cut prices massively, but will be more \u201cflexible\u201d"},"content":{"rendered":"


\nDespite the government\u2019s introduction of new property cooling measures, developers have no plan of slashing home prices massively.
\nGuocoLand group chief financial officer Richard Lai revealed that the company has \u201cno intention\u201d to cut property prices, although they will be \u201cmore flexible\u201d when selling homes that are less attractive to buyers, reported Today Online.
\nHe noted that with mass-market properties, developers will not be affected so much by the higher Additional Buyer\u2019s Stamp Duty (ABSD) since there will be more first-time Singaporean home buyers.
\nFor high-end properties, developers expect buyers and investors, most of which are foreigners, to take a wait and see stance.
\n\u201cThe higher-end market products will have a different target market and, therefore, will have very different reactions than the more mass-market ones,\u201d explained Lai at the OCBC Global Treasury Economic and Business Forum held at The Ritz-Carlton hotel.
\nIn a surprise move, the government raised the ABSD rates on residential property purchases on 5 July.
\nAnalysts expect developers to be hard hit by the new measures due to the increased land acquisition costs \u2013 they now face a 25 percent duty based on land cost, up from 15 percent previously.
\nLai, on the other hand, maintained a positive outlook on the effect of the new curbs on profit margins and prices.
\n\u201cIf we compare (with figures from) a year ago, I would say that our margins have improved a lot, so if I have to absorb five percent (in duty), it\u2019s not going to hurt us badly. It means that we will make less money, but it doesn\u2019t mean we\u2019ll end up losing money.\u201d
\nHowever, he added that \u201cwhether are we going to do that is another question altogether\u201d.
\n\u201cAre we going to be a little bit more lenient in pricing in view of the new measures? Yes, we have to be more flexible. But are we going to do massive cuts? No. For the less advantageous units, we\u2019ll have to be more flexible.\u201d
\n\u00a0
\nSenior Content Producer, Christopher Chitty, edited this story
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Developers not to cut prices massively, but will be more \u201cflexible\u201d<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite the government\u2019s introduction of new property cooling measures, developers have no plan of slashing...<\/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-93763","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-ooj","jetpack-related-posts":[{"id":95071,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/resale-condo-price-hike-eased-to-0-7-in-june\/","url_meta":{"origin":93763,"position":0},"title":"Resale condo price hike eased to 0.7% in June","date":"July 31, 2018","format":false,"excerpt":"\r Year-to-date, prices for the overall market have grown by 4.2 percent. 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