Home buyers and sellers wary of market conditions
Jan 16, 2012 – PropertyGuru.com.sg
Although a healthy number of prospective buyers have been seen at showflats a week before the Chinese New Year, they prefer to be cautious and keep their options open.
A Straits Times report revealed that despite the steady stream of home buyers flocking to showflats, very few units are being bought. Several analysts said the looming decline in property prices due to the recent cooling measures may be keeping many potential buyers at bay.
Around 10 apartments with an average price of S$850 per sq ft were sold at Qingjian Realty’s 590-unit Riversound Residence in Sengkang. The weekend sales brought the total to over 60 units since the project was launched a week ago.
Zuo Haibin, Managing Director at Qingjian Realty, noted that the effect of the cooling measures had been significant, with many people expressing interest in properties but only a handful committing to buy.
Meanwhile, property agents are reporting more enquiries from home sellers.
Since the implementation of the measure on 7 December 2011, agents said they have been getting more phone calls from clients who are worried about the effect of the additional stamp duty and the global economic uncertainty on the prices of their homes.
Clients are asking if they should quickly sell their properties while prices are still high.
Source : PropertyGuru
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