How CPF Adjustments in 2025 May Influence Your Homebuying Decisions in Singapore
TLDR In 2025, significant CPF changes in Singapore impact homebuying decisions, especially for older homeowners. The Special Account (SA) for...
Read More
TLDR
The blog post discusses the looming ABSD deadline for several new launch condos in 2023, highlighting the impact on developers and potential discounts for buyers. Specific projects like Riviere, Royalgreen, One Pearl Bank, and The Landmark are analyzed for their sales progress and remaining units. Additionally, the post touches on strategic real estate advice and property investment insights for readers.
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 …
Why The URA Master Plan Matters For Your Property’s Potential
TLDR The URA Master Plan entails significant shifts like the relocation of Paya Lebar Airport or creation of Punggol Digital...
Read More
Unlock the Secrets of Property Investment and Transform Your Financial Future!
TLDR The Singapore property market has experienced fluctuations, impacting private home prices. Understanding your financial capacity is crucial when considering...
Read More
SP Utilities Guide – Quick Guide To Setting Up Utilities In Singapore For Your New Home
TLDR Setting up utilities in Singapore for a new home is hassle-free. Contact SP Services for electricity and water accounts,...
Read More
Is it Better to Sell Your Newly Launched Condo Before or After Completion? Here’s What the Statistics Indicate
TLDR Determining the best time to sell a newly launched condo involves weighing the benefits of selling before or after...
Read More
Is Renting Out Your HDB to Live in a Condo a Smart Move? How Rentvesting Can Help You Save Money
TLDR Rentvesting is a strategy where individuals rent a home in their desired location while purchasing investment properties in more...
Read More
5 Things to Know About Singapore’s Freehold & Leasehold Properties
5 Things to Know About Singapore's Freehold & Leasehold Properties Here are 5 things you need to know about Singapore's...
Read More
Can You Skip the 15-Month Wait When Selling Private and Buying Resale HDB?
TLDR The 15-month wait-out rule requires private homeowners to sell their property and wait 15 months before buying a resale...
Read More
Sentosa’s Sizzling Property Market: 5 Reasons Chinese Investors are Flocking to Singapore’s Premier Island
Sentosa's Sizzling Property Market: 5 Reasons Chinese Investors are Flocking to Singapore's Premier Island Here are the top 5 reasons...
Read More
Are Cluster Landed Homes Still a Good Investment? Analyzing Their Performance Over the Past Decade
TLDR When it comes to cluster housing, freehold properties like Bishopsgate Residences command top prices, whereas bargains can be found...
Read More
The High Price of Picking the Wrong Property in Singapore in 2025
The Steep Price Of Making A Mistake When Buying Property In Singapore Are you yearning for a condo, but the...
Read More
5 Exciting Trends Shaping Singapore’s Property Market for Future Buyers After 2024
TLDR When it comes to the evolving landscape of property development in Singapore, developers are facing new challenges and opportunities....
Read More
Top 5 Vegetarian Restaurants in Singapore
Singapore, a melting pot of cultures and cuisines, offers a diverse range of dining options for food enthusiasts. For vegetarians,...
Read More
I Purchased My First Property in My Mid-20s: Avoid These Common Mistakes!
TLDR When it comes to property ownership, Charles learned valuable lessons through his journey as a youthful homeowner. From opting...
Read More
Singapore’s Best Kept Real Estate Secrets: 5 Insider Tips for Savvy Investors
Singapore's Best Kept Real Estate Secrets: 5 Insider Tips for Savvy Investors Here are 5 insider tips for those looking...
Read More
5 Tips : How To Buy A Property In Singapore As A Foreigner
Singapore's property market is a popular choice for both locals and foreigners looking to invest in real estate. However,...
Read More
Essential Steps for Safely Purchasing Your First Home in Singapore
TLDR When considering buying your first property in Singapore, start by assessing your budget and qualifying for a permissible loan....
Read More
Is 2024 the Perfect Moment to Refinance Your Home Loan? Discover What Homeowners Should Consider!
TLDR The article covers the shift to SORA for home loan rates, urging consideration of refinancing options amidst rising rates....
Read More
Are You Considering Paying Off Your Mortgage Loan Ahead of Time? Is It the Right Financial Move?
TLDR When considering mortgage options in Singapore, it's essential to understand the differences between HDB loans and bank loans. HDB...
Read More
Discovering the Response of Private Property Owners towards the 15-Month Wait-Out Phase
TLDR The blog post discusses the impact of the 15-month wait-out period cooling measure on private property owners in Singapore....
Read More
