Suburban, city fringe, prime districts, city centre. All around, property prices and transactions were on the way down. Possibly at its lowest since 2009, only 2, 200 to 2, 400 new homes were sold in the last 3 months. Less than 100 new homes were sold in the city centre an less than 150 in the city fringes. In the suburban areas, the number was almost halved from 1, 050 units in H1 to less than 600 in July and August.
Property agents and industry experts are putting the drop down to the new TDSR (total debt servicing ratio) framework which the Monetary Authority of Singapore implemented in June this year. But with the recent new launches, the numbers may improve marginally, especially as foreign buyers return after the initial pauses caused by stamp duty hikes earlier in the year. Executive Condominium (EC) Waterwoods and Skypark Residences, The Skywoods, Sky Vue and Thomson Three private apartments were some of the latest offerings on the home buyers’ plates.
As the year draws to an end, there are almost 2 more months for the property market to respond. Will developers sense the lull and boost sales with discounts and other offers? Or will buyers realise the opportune time to come back and snap up units at the latest launches?