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SG It's looking like a buyer's market

Property Here - Friday, August 30, 2013

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To offset the effects of tighter mortgage rules, developers are giving home buyers more leeway in choosing units and making purchase decisions, media reports said.

The preview periods for new launches have been extended by many developers to give buyers more time to decide and secure enough funding. Others allow buyers to reserve a unit without a cheque deposit, while marketing agents help to advise buyers about the new loan framework.  

For instance, The Tembusu condominium by Wing Tai (pictured) opened its showflat for two weeks before officially launching on 13 August, to give buyers “ample time for fact-finding and to revisit the showflat over the weekends”. 

Another development Kensington Square opened its showflat for preview on 8 August, but is yet to launch. The developers Fragrance Group and World Class Land said they wanted a longer preview period as banks are taking more time to approve loan applications.

Meanwhile, units at The Quinn and The Maisons can be reserved for one or two days if more time is needed to make purchase decisions, said Hano Maeloa, Chief Executive at developer Top Global.

Keppel Land, which opened The Glades in Tanah Merah for viewings, could also extend the preview period but this will depend on other factors such as the level of buying interest.

Nicholas Mak, Research Head for SLP International, said: “The TDSR is putting developers on the back foot...It's turning into a buyer's market, reshaping the market. If a buyer wants to back out, (he has) more reasons to do so now.”

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg