Developers slash private condo prices by 5-10%

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Developers slash private condo prices by 5-10%

Private condos launched before and after the introduction of new property curbs are trimming their unit prices by around 5.0 to 10 percent...

A crowd of buyers at the launch of The Tre Ver over the weekend. (Photo: UOL Group)

Private condominiums launched before and after the introduction of new property curbs are trimming their unit prices by around 5.0 to 10 percent, reported TODAYonline.

“The price sweeteners are there to cushion the immediate impact of cooling measures and create an urgency to buy,” said Dr Tan Tee Khoon, executive director at Knight Frank.

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For instance, Daintree Residence in Upper Bukit Timah reduced its average price by 5.0 percent from $1,800 psf to $1,710 psf. This is the first private residential project in Singapore to be rolled out after the new cooling measures took effect on 6 July

At The Tre Ver at Potong Pasir, units were sold at an average price of $1,550 psf during its launch on 4 August. This means condos there are 10 percent cheaper than those in the nearby Park Colonial, which sold units at an average price of $1,750 psf. Notably, the latter’s developer brought forward the project’s launch to the evening of 5 July before the new curbs took effect

Moreover, Affinity @ Serangoon in Yio Chu Kang is offering 5.0 percent and 7.0 percent discounts for its one-bedders and two-bedroom condos respectively. But this only applies to the next 20 units sold since July 12, while Martin Modern in River Valley is also giving out a 5.0 percent discount for select units taken-up since that date. Lastly, a $20,000 discount is available at Queenstown’s Margaret Ville.

Even though property developers have slashed prices at their private residential projects, Knight Frank’s Tan and Huttons Asia’s research head Lee Sze Teck both believe that units prices are unlikely to fall further in the coming months as construction and land costs are already locked in, with residential sites acquired at “unprecedented prices”.

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg