Eugene Lim, Key Executive Officer at ERA, sheds light on this stating, “Buyers in the OCR who intend to occupy their purchased units may be reluctant to wait three-four years for completion, especially if they face Additional Buyer’s Stamp Duty obligations due to not selling their current property.
Even though sellers are asking for a lot, most are still charging less than S$2,000 psf, which makes buyers feel like they’re getting a good deal.Experts explain that aspiring upgraders seeking affordable options are left with little choice but to head to OCR due to rising prices in other segments, especially in the RCR.Experts attribute the decline in resale condo volume to a range of factors.
These new homes offer flexibility with the Progressive Payment Scheme, allowing payments to align with construction stages and potentially reducing initial monthly loan installments.” Alongside the luxury condo’s prime location and the influence of a renowned architect on its design, Eugene provides a more detailed breakdown behind the unit’s price point.
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Singapore’s investment sales see 50.7% dip in Q2 2023Jeremy Lake of Savills Singapore points out the challenges amid high interest rates, but stays cautiously optimistic for property sales trajectory. The second quarter of 2023 brought forth a notable 50.7% plunge in the total investment sales value in Singapore, signalling challenges in the real estate market. In an exclusive interview with the Singapore Business Review, Jeremy Lake, managing director of Investment Sales & Capital Markets at Savills Singapore, said: “The first quarter was a surprisingly large number. Therefore, the second quarter was always going to be much lower.' Tempering his own expectations reflected Lake’s deep understanding of the factors contributing to this decline as he offered insights into the industry’s trajectory. He said that whilst the investment market in Singapore was facing a downturn, the volume of transactions was decreasing across segments, among which is the segment of private development sites. Lake pointed out that a growing price gap between seller expectations and developer prices hindered numerous sales. He attributed these softened developer prices to high interest rates and increased construction costs. The big-ticket investment deals segment, which often involves institutional buyers, has also been affected by high interest rates. Lake explained that many of these buyers prefer to await clarity on interest rate peaks before reentering the market. Nonetheless, the Savills expert saw a relatively brighter note in the private buyer segment. “Ultra-high net worth buyers are still willing to jump into the market. They’re less gun shy, but they’re more focused on shop houses and strata offices,” he noted. This preference was attributed to their longer investment horizon and a different perspective on capital preservation. When questioned about the influence of ultra-high net worth individuals’ decision-making, Lake remarked: “They have a different time frame in mind. Many of these ultra-high net worth individuals are looking
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