The private residential market has been characterized by low sales volume and minimal project starts. To get a non-residential foreigner without pass or employment for extended stay, the tax payable is 20% of lease. For a foreigner with valid employment in Singapore, the tax is a lot lower. There are different schemes available to cater to different buyers group where you can find more detail in the official HDB sites, such as Orphans Scheme allows 2 or more orphans that are unmarried siblings, to purchase a HDB resale flat from the open market.
The slowdown of the new launches might be caused by the low take up rates. The developers could be observing the operation of the competitors and decided to restrict the project launches. With the recent gain in the Interbank Offer Rate, there’s an expected increase on the mortgage price. This will produce a steep slide in the home market prices for 2015. Another factor affecting the fall is that the market’s expectation about increasing interest rates. There was an oversupply of personal home properties that their costs were expected to fall by 20% throughout the second half; the demand for private home was very weak leading to a slow decline of the costs.
This is referred to as cultural integration policy, uniquely set to encourage racial integration and stability whilst preventing the creation of racial enclaves by ensuring a balance cultural mix among the Pasir Ris 8 Condo communities residing in public housing estates. The Majority of the discussions show just the probabilities that are contrary to Investment in Property Company. The people, with futuristic approach of real-estate, are optimistic about this company many benefits of home loans and possessions.
In November, the programmers sold just about 412 private residential units. The estimated decrease was 47.5% basing on the 785 units sold in October. November has been the lowest sales of private houses. As the holidays Approached, the requirement for private houses slackened. The developers saw no purpose launching new homes due to the less impressive sales performance and demand. The Sophia Hills and the TRE Residences will be the only two personal residential projects started in November.
However, only 9 units were sold outside of the 493 units assembled from the Sophia Hills. The TRE homes sold only 52 units from the 250 units they assembled. For sure, the summit supply did not match the market expectations of rising interest rates. This is evidenced by the increase of unsold stock across both low and high end segments.