Should I Move to a Private Property?
Considering an upgrade from HDB to private property brings forth many dilemmas and questions. What is the purchasing process like?...
Read More
The property market may be booming, but there are still many projects that have yet to sell out before the ABSD deadline. Savvy buyers hoping for a bargain may track these projects closely, as developers may be compelled to reduce prices for the last remaining units.
Nonetheless, developers may also opt to sell the remaining units en masse to a single buyer, rather than selling them piecemeal to multiple individuals.
What is the ABSD Deadline, And Why Would There Be Discounts?
Developers must pay 40% Additional Buyer’s Stamp Duty (ABSD) when buying land for development. Luckily, ABSD remission is available after five years, provided all units are sold; but 5% is non-refundable, so the developer will always have to pay a minimum of 5% ABSD.
This rule is in place to discourage developers from creating artificial scarcity by hoarding land.
For developers, the ABSD cost is steep; holding onto units past the five-year deadline is not something they want to do. This means more discounts for buyers, as the developer rushes to sell the remaining units. The five-year window applies no matter how many units, whether it’s 100 or 1,000 – all must be sold.
With that in mind, here’s a list of 35 new launch condos set to reach their ABSD deadline in 2023 – perfect for those on the lookout!
As of March 3, 2023, the ABSD deadline is only a guess based on the date of purchase plus an extra 5.5 years – including the six-month extension.
The ABSD period is calculated by adding 5 years (365 x 5) plus an additional 6 months (182 days) from the date of purchase of the land (whether through successful bidding of a GLS site or en bloc sale).
Therefore, the period should be taken as a close approximation and not an exact day.
Here are some notable highlights of this list:
1. Riviere Has Achieved A Stunning Turnaround
As of March 2022, Riviere had sold 46.81% of its 455 units, but after receiving its TOP just recently, only 16 units remain – mainly the upper floors. I’ve heard on the ground that the development has been well-received, with potential buyers claiming that the final product looks even better in person!
Seeing Leedon Residence’s success, it’s likely Riviere will have no problem selling off the remaining units before completion. After all, having the actual product to show the higher-end buyers can make all the difference, and with only a few months to go, prospective buyers will be able to view the development firsthand.
No surprise that there have been numerous comparisons drawn between Irwell Hill Residences and Riviere; though both residential developments are located close by, Riviere holds a particularly illustrious place, resting beside the river. But what’s intriguing is how much of a difference a later launch date, a greater momentum in sales, and a differing unit mix can make.
2. Even Though The Development Of Royalgreen Is Completed, The Units Are Yet To Be Fully Sold
Despite its premium location near Bukit Timah, the freehold TOP development Royal Green has only 8 units left, all 2-bedrooms ranging from 689 to 818 square feet.
This may appear unusual to casual onlookers, however it offers a variety of facilities and amenities, in addition to a rooftop tennis court for just 285 units – making it a truly desirable proposition for those looking for convenience, comfort and culture.
If we delve deeper, we can see that Fourth Avenue Residences may be taking sales away from RoyalGreen as both properties are created by the same developer. One being a freehold and the other a 99-year leasehold, there could have been greater product differentiation.
Additionally, there may be a demand for larger units at RoyalGreen due to the surrounding area of landed homes and the typical wealthier customers. The few 4-bedroom units available were bought up quickly, indicating the need for more spacious units.
Despite being fully sold out, Fourth Avenue Residences still had a few 2-bedroom units left to fill the gap.
3. Struggles Of New Launches On The City Fringe Of Central Business District
It’s easy to spot One Pearl Bank and The Landmark on this list because of their remaining units. Nestled at the two ends of Pearl Hill’s City Park, One Pearl Bank is in a more easily accessible location than The Landmark.
It’s tough to pinpoint the issue, especially now that the pandemic is over and foreigners have come back to our country.
Could it be the location? Highly unlikely, considering the success of Canninghill Piers, which is in close proximity and has already sold its 8,956 square feet super penthouse.
To keep updated on what’s going on, follow my Blog where I’ll also provide reviews of both new and resale properties.
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
You May Also Like …
Singapore Decoupling Guide
You and your partner have set out to find another home, and you're determined to keep away from the intimidating...
Read More
Get Into Core Central Region Before Big Price Adjustments
What two factors should clients consider when seeking a property to purchase, in order to decide if it is a...
Read More
Why There’s No Perfect Time to Enter the Market
It's a common belief that the good things in life are worth waiting for. Unfortunately, this isn't the case with...
Read More
35 Brand New Condominiums Nearing Their ABSD Deadline 2023
The property market may be booming, but there are still many projects that have yet to sell out before the...
Read More
6 Homeowners Share Their Biggest Regrets : Buying an Old Condo
As housing prices remain sky-high, more budget-minded buyers are looking to less costly alternatives; one such option being resale condos....
Read More
Should I Buy In A Newly MOP HDB Or An Older Resale HDB?
For Singaporeans, the challenge of securing an affordable yet desirable place to purchase and call home is an ever-present one....
Read More
What’s Next for HDB Owners?
Buying a home always seems daunting especially such it is a big-ticket item and the prices for private homes can easily...
Read More
HDB Market Outlook 2023
Overview The HDB resale market remained resilient in 2022, with more than 24,000 units resold in the first 11 months...
Read More
Discover the 7 Unique Attributes of Real Estate Investing
Real estate is without a doubt one of the oldest and most valuable asset classes out there; no wonder 68%...
Read More
Are We Truly Headed For A Slowdown? How Will This Affect Property Prices?
Recent news paints a grim picture of the current state of the global economy; Covid-19 is still rampant, monkeypox has...
Read More
An Essential Guide to Buying a Home in Singapore 2023
As you embark on your journey to purchase a house in Singapore, here is an essential guide to buying a...
Read More
Singapore Private Residential Market Outlook 2023
Summary The Singapore residential property market has been remarkably resilient in 2022, keeping its momentum in price growth in both...
Read More
What Has Been The Most Significant Development In The Real Estate Market In 2022
At the start of 2021, many foresaw property cooling measures on the horizon, yet few knew precisely when or how...
Read More
Can Your HDB Flat Safeguard Your Retirement?
Today we will take a look at the HDB market to find out what are your options as an HDB owner and...
Read More
6 Secrets Foreign Investors Are Rarely Told About Singapore’s Real Estate Market
It's no wonder why Singapore property is so often highlighted as a secure asset in a low-tax setting - not...
Read More
What is Buyer’s Stamp Duty (BSD) in Singapore and How Does It Work?
New Buyer Stamp Duty Singapore 2023. Compare The Amount Difference Between The Old Buyer Stamp Duty Rates Before 14 Feb...
Read More
How Can Real Estate Investment Help You to Combat Inflation?
Inflation rates have risen 2.5% to 3.5% this year, and bank loan rates surpassed HDB's 2.6% rate. In light of...
Read More
3 Steps to Protect Yourself from Real Estate Scams in Singapore
Lately, there has been an increase in scams related to real estate. Scammers are pretending to be real estate agents...
Read More
CPF Accrued Interest On Housing: Learn What It Is and How to Calculate It
Calculate the amount of CPF accrued interest you owe on your housing with ease! Learn what it is and how...
Read More
