Property developers have begun reducing prices and offering discounts.

[hahaho]

Developers cut prices following new measures
Propertyguru
Propertyguru - Monday, January 17

Property developers have begun reducing prices and offering discounts on a case-by-case basis in an effort to stop buyers from withdrawing from planned purchases.

Roxy-Pacific Holdings might lower asking prices for the upcoming launch of Spottiswoode 18. Following Thursday's announcement of new measures to cool the real estate market, the project's price list is set to be finalised ahead of Tuesday's soft launch of the 251-unit prime property.

Market sources said more price cuts at upcoming launches are expected.

Some developers are also giving discounts on a case-by-case basis so as to attract potential buyers to exercise their option to purchase, they said.

Sources said a listed developer offered a discount of about five percent to entice a group of investors to exercise their option to buy a unit at a Cairnhill project. However, the investors still walked away and forfeited their deposit. Other developers have also offered to absorb buyers' stamp duty.

"Turnout at showflats was quite mixed," said Brandon Lee, Property Analyst at DMG & Partners.

 

[johnny333]

A year or two ago, out of the blue I started receiving promotional material on properties from Far East. I was puzzled because I haven't visited any of their show flats. Suspect that they got my name from data mining.

If demand is high why would they have to do this

 

[halsey02]

A year or two ago, out of the blue I started receiving promotional material on properties from Far East. I was puzzled because I haven't visited any of their show flats. Suspect that they got my name from data mining.

If demand is high why would they have to do this

What is your name & address, I help trace the leak or you tell Shan Moo Gum...he can even take down the entire network that leaked your data...

 

[johnny333]

What is your name & address, I help trace the leak or you tell Shan Moo Gum...he can even take down the entire network that leaked your data...

I suspect all my neighbours also got the mail.

It shows how desperate the developers are. Looking at the properties they were pushing which start from $1.2+ million I'm not surprised they are having problems finding enough takers

 

[halsey02]

I suspect all my neighbours also got the mail.

It shows how desperate the developers are. Looking at the properties they were pushing which start from $1.2+ million I'm not surprised they are having problems finding enough takers

If You are familar with property launches, you will be familar with all the fluff that goes with it.

There is a condominum near where I live, it is already 6 years old, at the launch there was a huge sign that says - 100% sold. At night, you can still see many darken units....so go figure that out! and we stiil receive flyers of units being offered for sale!!

 

[lolabunny]

If You are familar with property launches, you will be familar with all the fluff that goes with it.

There is a condominum near where I live, it is already 6 years old, at the launch there was a huge sign that says - 100% sold. At night, you can still see many darken units....so go figure that out! and we stiil receive flyers of units being offered for sale!!

Maybe the buyers defaulted? Hey what happens if a guy buys a condo but he dies before he finish paying? Who owns the unit and who pays for the rest? I'm assuming that he has no will and he's alone in the world.

 

[johnny333]

There is a condominum near where I live, it is already 6 years old, at the launch there was a huge sign that says - 100% sold. At night, you can still see many darken units....so go figure that out! and we stiil receive flyers of units being offered for sale!!

Years ago I approached Far East & made them an offer for one of the units at Bishan 8. It was a year or two after TOP & they had a few unsold units. It was the same price that my colleague had paid for one of the units there.

They turned down my offer. I'm sure they are sitting on alot of unsold units.

 

[johnny333]

Maybe the buyers defaulted? Hey what happens if a guy buys a condo but he dies before he finish paying? Who owns the unit and who pays for the rest? I'm assuming that he has no will and he's alone in the world.

If he or his family defaults on the loan, the bank will own the property.

 

[Ramseth]

Maybe the buyers defaulted? Hey what happens if a guy buys a condo but he dies before he finish paying? Who owns the unit and who pays for the rest? I'm assuming that he has no will and he's alone in the world.

If he's all alone, the government is the beneficiary.

If he or his family defaults on the loan, the bank will own the property.

The bank can repossess on mortgage default. But if there's excess value, the bank has to refund to the beneficiary. However, if there's deficit value, the bank can also claim from the beneficiary, to the extent of the estate only, not from the beneficiary's personal assets.

 

[Coolsaint77]

Maybe the buyers defaulted? Hey what happens if a guy buys a condo but he dies before he finish paying? Who owns the unit and who pays for the rest? I'm assuming that he has no will and he's alone in the world.

His China mistress draws a will, gets a crooked lawyer to witness that dead man created the will before death. It would be a perfect plan if there is complete coverage for mortgage insurance.

 

[lolabunny]

If the market plunges below his purchase price, would the bank lose money on the condo? That means the it's an NPL?

 

[Coolsaint77]

If the market plunges below his purchase price, would the bank lose money on the condo? That means the it's an NPL?

The loan agreement normally has a clause stating in such event, the bank can extend its arm into his other assets - it is stated on the UOB loan i used to hold. You might miss out this clause if you don't read the whole loan agreement. Of course if he is penniless the bank will have to auction the property and take the loss.

 

[ginfreely]

Years ago I approached Far East & made them an offer for one of the units at Bishan 8. It was a year or two after TOP & they had a few unsold units. It was the same price that my colleague had paid for one of the units there.

They turned down my offer. I'm sure they are sitting on alot of unsold units.

Yeah Far East has great holding power! They rather lease out these units first and sell later at better prices.

 

[Coolsaint77]

Yeah Far East has great holding power! They rather lease out these units first and sell later at better prices.

Like Summit Condo along Upper East Coast road. So what? He's still dead and can't bring the billions with him. If he had been more honest and don't give people inferior quality products, he would have been remembered as a decent guy. But he will also be remembered as a blood sucker. Haha why am i so agitated.

 

[ginfreely]

Like Summit Condo along Upper East Coast road. So what? He's still dead and can't bring the billions with him. If he had been more honest and don't give people inferior quality products, he would have been remembered as a decent guy. But he will also be remembered as a blood sucker. Haha why am i so agitated.

From another angle, if you are the purchaser, you'll be glad they don't anyhow reduce the price for subsequent purchasers

 

[johnny333]

Yeah Far East has great holding power! They rather lease out these units first and sell later at better prices.

If I remember they have the connections to the first family.

However the quality of their projects is not that great. They use alot of cheap materials :(

 

[ginfreely]

If I remember they have the connections to the first family.

However the quality of their projects is not that great. They use alot of cheap materials :(

Really? I've no idea about their connections or quality of materials. But I observed they have very good holding power and are very good price setters. So there is more assurance that the price won't drop that much.

 

[silverfox@]

Far East wouldn't drop price like others. They have superb holding power. They buy land cheap and make money just by selling a portion of it and leave the rest empty. They have some strata titled terrace houses for rent as well and they don't care whether its untenanted.

Holding power stronger than investors.

 

[johnny333]

Far East wouldn't drop price like others. They have superb holding power. They buy land cheap and make money just by selling a portion of it and leave the rest empty. They have some strata titled terrace houses for rent as well and they don't care whether its untenanted.

Holding power stronger than investors.

From what I heard, Ng Teng Fong the Orchard Rd king was famous for bidding high for the land & using the cheapest materials in his projects. Heard that he would use left overs material from one project in his other projects.

 

[longbow]

Regardless - Far East has made many Singaporeans very rich.

From what I heard, Ng Teng Fong the Orchard Rd king was famous for bidding high for the land & using the cheapest materials in his projects. Heard that he would use left overs material from one project in his other projects.