Blossoms by the Park sold 75% of units at condo launch
200 out of 275 units were snapped up
2 days after new property measures were announced where the absd tax rates were raised, EL Developments proceeded to launch their project Blossoms by the Park despite uncertainties.
Amongst the other new launches in 2023, Blossoms by the parks emerged the highest sales achieving 75% take up rate with an average price of $2423 per square foot.
Newport Residences by CDL which was supposed to open over the weekend had it postponed right after the announcement of the new property measures. It is scheduled to reopen at a later date.
The positive sales achieved by EL Development pointed to a resilient market with healthy local demand.
Most of the buyers are Singaporean
A few buyers who were interview by The Sunday Times said that they were not affected by the new cooling measures as they were first time buyers.
The new measures affected 2nd property buyers and foreigners. The ABSD rates were raised from 17% to 20% for Singaporean who were looking to buy a 2nd property. Foreigners were hit the hardest. The ABSD from 30% are now 60%. PR rates were increased from 25% to 30%.
Small units in Blossom by the Park fully taken up
EL Development shared that their 1 and 2 bedrooms except for their 2bedroom Penthouse were fully sold during their launch on 29th April. They also said their 96% of the purchasers were 1st time Singaporean buyers and 4% were PR buying their first property. Less than 6 were foreigners. The condo developments proximity to One North Research and development hub was the draw for investors.
Industry experts said they expected that the strong sales despite the hike on the additional buyer’s stamp duty (ABSD) for Singaporean and PR buyers buying their 2nd property and subsequent properties.
While foreigners and entities and buying under trust will bear the brunt of the ABSD increase, most of the purchasers were mainly Singaporeans and not affected by the ABSD rates hike they noted.
Foreigner buyers makes up less than 5% in District 5
Nicholas Mak chief research office from Property Portal Mogul.sg highlighted that foreigners made up less than 5% between January 2022 to date. Foreign buyers are not the main demand driving the property market anymore he said. Especially in regions outside of the Central Region.
Earlier in April, Tembusu Grand in Katong sold 53% of its 638 units during its weekend launch. They were priced at $2465 psf.
Terra Hill in Pasir Panjang sold 38 per cent of the available 270 units at an average price of $2650psf in February this year.
CEO of Propnex Ismail Gaffoor shared his opinion that the strong sales performance shown at Blossoms by the Park affirms that the property market is resilient and often pinned by a healthy and stable demand for private housing among the local Singaporeans.
Buyers are still seen visiting show flats
The Continuum a new launch in Thiam Siew Avenue has hundreds of interested buyers showing up at the show flats in the same weekend. The condominium launch which is developed by Hoi Hup Sunway is expected to have their launch in early May 2023.
The buyers told Sunday Times that they are not affected by the new cooling measures and some even applauded the government’s latest move.
One such buyer said that this intervention will deter investors and leave first time buyers with more choices.
