Private property developers say sales slowing down

The private residential market is showing signs that the recent measures implemented are having some effect.

Developers of a recently-launched project – The Santorini, located in Tampines – said while there were many visitors at the showroom, few actually signed on the dotted line.

The project was launched on Saturday, and some 40 percent of its units have been sold.

Developers said as it now takes a longer time to sell the units, they are now selling as they build.

“Especially with this total debt servicing ratio, buyers are now very careful when they purchase properties,” said Tan Zhiyong, general manager of MCC Land Singapore.

“They will go to the banks to check if they can afford these properties, and that takes time.”

Donald Han, managing director of Chesterton Singapore, said: “Generally, in what we have seen in recent launches, there tends to be good take-up for 1-2 bedroom (units). This comes to a total quantum of less than a million per unit. So there seems to be still a strong demand for smaller units.”

The government has launched seven rounds of cooling measures but land prices have shown no signs of easing.

Some developers attribute this to the limited supply of land released, resulting in high bids from developers.

Source : Channel NewsAsia – 30 Mar 2014

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