A slew of new projects are set to be launched by property developers even as they mull over the best action to take in response to the additional buyer’s stamp duty (ABSD) set by the government.
Frasers Centrepoint, for instance, will launch its 99-year leasehold Twin Waterfalls executive condominium (EC) project (pictured) near Punggol MRT station, with e-applications opening on 10 February.
Units at the project are 20 percent cheaper compared to the recently launched Watertown, said Cheang Kok Kheong, Chief Executive Officer for Development and Property at Frasers Centrepoint Homes, noting that prices would range between S$720 psf and S$750 psf.
The developer also expects to launch Palm Isles, a 99-year leasehold condominium development, in the first week of April. The project comprises 429 units of garden homes located at Flora Drive, with an average price set at around S$900 psf.
It was not confirmed whether developers will shift to more competitive pricing soon, as it is still premature to judge the effects of the ABSD this early, said developers during the REDAS (Real Estate Developers’ Association of Singapore) Spring Festival luncheon.
According to Wong Heang Fine, President at REDAS and Chief Executive at CapitaLand’s Singapore residential arm, developers will likely respond to the ABSD in a different manner depending on the product and target market.
“We really have to see how things go in the next few months before we decide what our reaction would be to the government measures,” said Wong.
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