Since reaching the peak in 2011 for the prime and luxury residential property prices in Singapore real estate market, there is a drop of fifteen to twenty five percent which represent a good deal for investors who are of high and ultra high net worth status and who are doing comparison shopping between capitals. Such capitals comparison actually causes effect of capital transaction of luxury housing, new condominiums, new launch condo, etc which were actively changing hands at a rate of 165 percent higher in London and New York than in Singapore.
Interestingly, such huge gap is very attractive and understandably has been receiving great attention and interest especially from private equity and global property funds keenly seeking out good deals to buy multiple units of new condo launch projects from developers in bulk purchase deals. Family business entity and highly rich individuals are joining the bandwagon with keen interest towards making such bulk purchases.
One of the valid reasons which motivates developers to offer additional discounts is the extension charge imposed on developers’ unsold new condo units by the government. The basis for such extension charge is to prevent developers from hoarding the units when times are bad and wait out the downtime to pass over until buyers return when the good times kick in. Units remained unsold will be imposed with a charge of eight percent proportionally to the land cost at the first year followed subsequently by sixteen and twenty four percent in the second year and third year respectively.
New condo launches coming in 2017 :
12 On Shan at Shan Road in Balestier of District 12, near Toa Payoh and Novena. 12 On Shan condo is a freehold residential property developed by TA Realty Pte Ltd. 12 On Shan price will be keenly watched by real estate industry players. Being in a city fringe location, 12 On Shan new condo will be attractive by virtue of its location and hopefully by virtue of it being attractively priced to sell. 12 On Shan showflat will be made ready for its public review in 2017 thereafter 12 On Shan floor plan and 12 On Shan brochure should be made available through it appointed marketing and sales agency.
Clement Canopy along Clementi Avenue 1 in Clementi of District 5 and minutes drive to the future Jurong Lake District and its second Central Business District outside Shenton Way. Clement Canopy new condo is jointly developed by UOL and Singland Homes in a joint venture company setup. UOL is the developer for Botanique at Bartley at Bartley Road while Singland Homes is the developer for Alex Residences in Alexandra View. Both are renowned developers in the Singapore real estate market. Clement Canopy showflat is anticipated to be ready for buyers preview in first quarter of 2017 and thereafter Clement Canopy price, Clement Canopy floor plan, Clement Canopy brochure will be released to the respective buyers who have made the registration of interest through the respective marketing and sales agency.