Article Detail

Keen interest at 2 property launches after govt eases cooling measures

23 May, 2017

Buying interest moved up a notch at two residential projects launched over the weekend, one day after the government announced the easing of some property cooling measures.

Close to 170 units of the total 497 units at Qingjian Realty's executive condominium (EC) project iNz Residence - the first EC to be launched this year - were sold on the first day of booking on Saturday.

Meanwhile, crowds thronged the showsuite of Lendlease's condominium Park Place Residences at PLQ, which also opened on Saturday.

The government announced on Friday that the seller's stamp duty (SSD) will now apply for homes sold within three years of being purchased, down from four years.

The SSD rate was also cut by four percentage points, where homes sold within the first year will attract a SSD of 12 per cent, instead of 16 per cent. SSD for homes sold in the second year is now 8 per cent, down from 12 per cent and for the third year, 4 per cent instead of 8 per cent.

The changes took effect on Saturday.

Kelvin Suen, a prospective buyer of Park Place Residences at PLQ said: "I have placed a cheque for a unit as I am keen to purchase it for investment purposes. The latest announcement on the property cooling measures was a very good deciding factor."

The new condominium, the first residential development in Singapore by Australia-listed property developer Lendlease, is part of mixed-use Paya Lebar Quarter.

Lendlease's Asia chief executive officer Tony Lombardo said: "The response to our showsuite this past weekend has been overwhelming. We welcome the strong confidence buyers and investors have in Park Place Residences at Paya Lebar Quarter.

"It confirms the quality attributes and value of the location and development. The showsuite will remain open until March 20, 2017 for expressions of interest, with sales launching on March 25, 2017."

At iNz Residence in Choa Chu Kang Avenue 5, all 30 units of its five-bedroom maisonettes - priced from S$1.188 million to S$1.321 million - were snapped up.

Four-bedroom units were also popular, with 70 per cent of 100 units sold. Prices start at S$490,000 for two-bedroom units and S$818,000 for four-bedroom units.

Four- and five-bedroom units accounted for over 60 per cent of sales on the first day. Of this, over 80 per cent opted for Smart Home Packages, which offer devices that enhance convenience and security like a Smart Digital Lockset.

Qingjian Realty (South Pacific) Group's executive director Li Jun said: "Executive condominiums remain popular, as new family units and upgraders are always entering the market."

Its next smart lifestyle project will be a mixed development in Bukit Batok West, he said.

First-time homebuyers Dominic Siew and Jade Lim were first in line to pick their unit, a three-bedroom unit with a Deluxe Smart Home Package.

Homebuyers can select Basic, Plus or Deluxe smart packages and get a price deduction of up to $8,000 depending on the package and unit type.

Adapted from: The Business Times, 13 March 2017