Developers can continue to offer the deferred payment scheme (DPS) for executive condominiums (ECs) because eligibility and ownership rules keep speculation in such projects at bay. The Urban Redevelopment Authority (URA) said that ECs 'are different from other private residential developments' as they are meant for owners to live in and are subject to eligibility criteria and ownership conditions. For...
Deferred Payment Scheme
PCOMING supply and concerns about payment defaults by customers on the deferred payment scheme (DPS) are some reasons the luxury residential segment is not out of the woods yet, according to UOB Kay Hian analyst Vikram Pandey. In a research report dated May 12, he said 2,665 units would hit the high-end market this year, followed by 3,182 next year and a whopping 5,245 units in 2011, based on official...
TIMING can decide whether the deferred payment scheme (DPS) helps or hurts private home developers, as shown by updates provided this week on two projects. On Friday, Keppel Land revealed that it had yet to receive full payment for about a-third of Suites @ Central, a 157-unit freehold condominium on Devonshire Road that obtained its Temporary Occupation Permit (TOP) earlier this year. In particular,...
7,100 units ready in next two years, buyers may face difficulties: Analysts JUST how vulnerable is Singapore's :souring economy to a wave of defaults from private home buyers who had made use of the popular Deferred Payment Scheme (DPS)? It's a question that continues to split analysts, even as the Urban Redevelopment Authority (URA) on Friday released, for the first time, data on private homes sold...
10,450 private homes sold under the Deferred Payment Scheme are still uncompleted as of end November. This is according to figures released by the Urban Redevelopment Authority for the first time. The report comes amid concerns that a large number of uncompleted homes bought under the scheme may be sold at distressed prices as the property market softens. 68 per cent of uncompleted homes sold under the...
Property agents said there's been an eight per cent jump in the number of private homes being put up for sale recently compared to previous two quarters. HSR Property Consultants said about half of the sellers have bought units under the Deferred Payment Scheme. The scheme which was scrapped last October allowed homebuyers to delay payments on new property until it is completed. Eric Cheng, executive...
There are limits to what Govt can and should do, says Minister WHEN it comes to dealing with weak demand in the domestic property market, developers and officialdom may not exactly be on the same page right now. And it couldn’t have been more evident during last night’s 49th anniversary dinner of the Real Estate Developers’ Association of Singapore (Redas). Delivering his prepared speech as...
The Singapore government will not introduce measures to stimulate demand or prop up prices artificially in the property sector. Speaking at an industry event on Wednesday, National Development Minister Mah Bow Tan said such efforts are not sustainable. However, the government will study suggestions by market players on how to help the property sector. Developers are feeling the heat from the economic...
A case to restore deferred payment schemes during the recession?: What a difference a year makes. Just over 12 months ago, the economy and stock market were booming, prompting the Government to intervene to cool the heady property market. Out went deferred payment schemes for homebuyers. A year on, and the economy is in recession, with the stock market tanking. Scrapping deferred payment schemes was...
Hasty judgments should not be made just to prevent speculative property buying I am extremely taken aback by a recent media report highlighting the negative impact the deferred payment scheme (DPS) will have on the property market. The headline “Deferred payment scheme: Up to 4,200 homes may be dumped” was used to capture readers’ attention. In the absence of concrete data and evidence, we should...