Some Singapore property developers are proposing new creative marketing schemes and big discounts to avoid paying hefty extension charges at various high-end residential projects, Singapore Business Review and UOB Kay Hian Group reported.
For instance, Singapore-listed Wheelock Properties Ltd is proposing an Additional Buyers' Stamp Duty (ABSD) assistance package at Ardmore Three residential condo, providing buyers the 13 to 15 percent discounts on top of an existing 15% discount. This translates to a price discount of up to 30%.
The package has jump-start the Ardmore Three sales, which only sold 7 units last March 2016. UOB Kay Hian group noticed after a recent site visit that project has already sold about 40 units. Including discounts, price of cheapest units are around $2,560 psf, and $3,000 psf for pricier units.
The $2,800 psf average selling price of the project is a far cry from $3,000 to $4,000 psf original price.
Furthermore, real estate developer City Developments Limited (CDL) has been offering the up to 18% discounts at Gramercy Park on top of a 2% price cut. With discounts offered, City Developments has sold around 6 to 7 units at 174 total unit project.