Mass market homes in the Outside Central Region continue to do well, with Bedok Residences and The Palette leading the way, each selling more than 80 percent of units launched in November.
Bedok Residences, a 583-unit condo development in Bedok North saw 477 units snapped up at a median price of S$1,359 psf. According to CapitaLand, the developer, 66 units were sold within the first hour of its launch. The project was in the news recently for the long queues that formed outside its showflat prior to the launch.
Meanwhile, The Palette, an 892-unit leasehold condo project close to Pasir Ris MRT station recorded sales of 367 units at a median price of S$895 psf. "Launches that are conveniently located near MRT stations such as The Palette, are experiencing strong take-up," said a CDL spokeswoman.
While the property market has remained robust throughout 2011, Tejaswi Chunduri, real estate analyst at PropertyGuru, expects future sales volumes to be affected by the additional stamp duty.
"One of the immediate impacts will certainly be a decline in transactions (around 30 percent), as buyers adopt a wait-and-see approach before they venture again into the market."
She added that foreign buyers who are especially affected by the new measures, will look to alternative investment destinations in the region, such as Malaysia, where property prices are more affordable and regulations are pro-foreigner.
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