The latest cooling measures on April 27, 2023 had the biggest impact on foreign buyers, who saw their ABSD (additional buyer's stamp duty) rates double, from 30 per cent to 60 per cent. Some new launch condos, like Newport Residences, postponed their launch after the cooling measures were imposed. But Blossoms by the Park, another new launch condo, decided to...
The latest cooling measures on April 27, 2023 had the biggest impact on foreign buyers, who saw their ABSD rates double, from 30 per cent to 60 per cent. Some new launch condos, like Newport Residences, postponed their launch after the cooling measures were imposed.
The profile of target buyers of new launches is also tied to its location. On Blossoms by the Park's sales, Marcus Chu, CEO of ERA Realty Network, says, "Typically, more than 80per cent of the homebuyers in the RCR are Singaporeans; and they may not be affected or too affected by the recent increase in ABSD rates."
We also saw high take-up rates of new launches in 2022 in areas with a low supply of private condos. These included Lentor Modern , AMO Residence and Sky Eden@Bedok , all of which broke the price benchmark of $2,000 psf for new launches in the OCR. These projects were also the first new launch in their respective neighbourhoods in more than eight years.
Based on 99.co's Researcher data, the average psf price of new sale transactions of 99-103-year projects in the RCR was around $2,442 in March 2023 . This meant that Blossoms by the Park's average psf price were generally lower than the average for the RCR. Let's say a dual-income no kids household wants to live in a two-bedroom + Study near their workplace at one-north. Based on 99.co's Mortgage Calculator, the downpayment for their two-bedroom + Study unit will be $439,994, while the monthly payments are around $6,301. Taking TDSR of 55 per cent*, the total monthly household income needed is around $11,456 .
Similarly, Sceneca Residence, which launched in January, also appeals to both groups. The mixed-use development linked to Tanah Merah MRT has sold over 60 per cent of its units. All its one and two-bedroom units were fully sold during the launch weekend.
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