Advertisement
Singapore markets close in 1 hour 35 minutes
  • Straits Times Index

    3,171.89
    -0.04 (-0.00%)
     
  • Nikkei

    40,003.60
    +263.20 (+0.66%)
     
  • Hang Seng

    16,547.84
    -189.26 (-1.13%)
     
  • FTSE 100

    7,722.55
    -4.87 (-0.06%)
     
  • Bitcoin USD

    64,257.11
    -3,903.50 (-5.73%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,149.42
    +32.33 (+0.63%)
     
  • Dow

    38,790.43
    +75.63 (+0.20%)
     
  • Nasdaq

    16,103.45
    +130.25 (+0.82%)
     
  • Gold

    2,158.10
    -6.20 (-0.29%)
     
  • Crude Oil

    82.66
    -0.06 (-0.07%)
     
  • 10-Yr Bond

    4.3400
    0.0000 (0.00%)
     
  • FTSE Bursa Malaysia

    1,548.72
    -4.92 (-0.32%)
     
  • Jakarta Composite Index

    7,342.47
    +40.02 (+0.55%)
     
  • PSE Index

    6,848.43
    -4.86 (-0.07%)
     

Slash In Condo Prices As Developers Fear Qualifying Certificate Extension Charges

This article was originally on GET.com at: Slash In Condo Prices As Developers Fear Qualifying Certificate Extension Charges

Certain condo developers have reduced the prices of their unsold projects in Singapore to boost sales, garnering some 20 units each within a month of their relaunch.

Some of these projects are within the prime districts of Orchard and Cairnhill. For example, prices at Ardmore Three in Ardmore Park and Starlight Suites in River Valley Close have been reduced since they first launched.

The units at Ardmore Three have gone down to $2,600 to $2,700 per sq ft (psf) from its initial launch price ranging from $3,400 to $3,500 psf. The cheaper prices include a 15% cash rebate. Since its relaunch, 20 units have already been sold.

ADVERTISEMENT

Starlight Suites in River Valley Close has also dropped its prices from $2,050 psf during its launch to $1,500 psf, and has since sealed a bulk sale of 20 units.

Highline Residences in Kim Tian Road, which is in the Tiong Bahru district, dropped their prices slightly from $1,900 psf to $1,850 psf and as an additional offer, they also introduced an early-bird discount of a few thousand dollars. They have already sold 200 units out of the 500 units available.

The drop in prices could be because of the impending deadline to sell all remaining condo units or risk forfeiting a banker's guarantee as well as Qualifying Certificate (QC) extension charges. Ardmore Three has 6 months left and Starlight Suites has until the end of May to sell all their units before they have to pay for the extension charges according to The Straits Times.

The looming charges for the QC are a developer’s worst nightmare. Just last year, the QC extension charges that were paid by developers raked up to more than $24.9 million according to the Singapore Land Authority. For 66-unit condo, The Marq on Paterson Hill, a 6-month extension cost $5.5 million. If developers are going to hold on to unsold units, they will have to be prepared to bear the hefty costs.

Keen To Find A Property?

The low prices could be a good thing if you’re looking to buy a private property. But if you’re more interested in new sale properties, you’d be glad to know that more condos and Executive Condos (EC) are set to launch in Singapore. Here, you can find out more on what it takes to afford a $1.5 million condo.

If you’re looking for a home loan in Singapore instead, it pays to shop around using a home loan comparison site like GET.com.

On the other hand, if you are thinking of refinancing your home loan, these are 4 things you should consider when choosing a home loan.

What do you think? Share your comments with us below!

GET.com Singapore is Singapore's lifestyle and personal finance website. We help you GET more for your money - food, travel, home loans, credit cards, shopping - everything!

Like GET.com on Facebook and sign up to get the HOTTEST stories delivered to your inbox!

For serious stuff, you can compare home loans, personal loans and credit cards at GET.com.

Our free GETdeals™ App helps you get the best credit card discounts near you for dining, shopping, lifestyle and more. Download it today!

Other Articles You May Like From GET.com