To get rid of an unsold units, more Singapore property developers are now offering deferred Payment Scheme.
In fact, 2 more property developer are currently offering the privilege, after the recent success of 99-year leasehold OUE Twin Peaks.
The deferred payment depend in part on whether the existing loan-to-value restriction will be fine-tuned, since large part of buyer’s payment is generally required later.
Just after the deferred payment scheme was introduced, OUE Twin Peaks project has seen a snapped up around 160 units since late March, plus additional offered of longer option-exercise date to buyers.
Recently, real estate developer CapitaLand introduced its version of scheme at d’Leedon and The Interlace condominiums, which has been sold around 20.
Home buyers at stay-then-pay plan of CapitaLand enjoy the discount of 15 percent, and can move into the unit after exercising Option-To-Purchase (OTP). Buyers of units then make a 10% downpayment in 8 weeks, and paying the remaining 90% 1 year from the Option-To-Purchase (OTP) at the same time.
Home buyers who grabbed the scheme are not permitted to rent out their unit. As of end-March 2016, CapitaLand's d’Leedon had 181 unsold units while The Interlace had 99 unsold units.
Written by Siang Teck of Property Review. I can be contacted at [email protected]
