The industry continues to experience the effect of the tightening noose that is the TDSR (total debt servicing ratio) framework. The latest property cooling measure, though launched a year ago, continues to takes its toll on the property market as developers are finding it harder to move units.
The three biggest residential developments with unsold units are The Santorini in Tampines, Kingsford at Hillview Peak and The Skywoods at Dairy Farm. At The Santorini, 81 per cent or 484 out of the 597 units remained unsold. Kingsford at Hillview Peak remains 69 per cent unsold, with only 160 out of its 512 units sold. With 101 units sold at The Skywoods, 319 remained unsold of its 420 units. Most of these properties however are larger developments and might be close to other newer homes or property launches.
It is becoming harder to entice buyers as they may now expect discounts and add-ons to sweeten the deal, especially as new properties continue to enter the market and take the attention away from older launches. But projects with a better location will still win hands down, as proximity to MRT stations and schools and other amenities will bring the asking price up a notch.