PROPERTY developers were sticking to their prices yesterday following the Government’s announcement of a slew of measures designed to cool the market.
At two of Singapore’s more eagerly anticipated launches, The Interlace and Hundred Trees, developers said they did not foresee any need for price adjustments.
A spokesman for CapitaLand said it was holding prices at between $850 and $1,150 psf for The Interlace at the former Gillman Heights site.
She noted that less than 5 per cent of buyers at the developer’s other new property – The Wharf Residence, launched earlier this year – had opted for the interest absorption scheme (IAS) abolished by the Government on Monday.
The scheme, popular among investors and speculators, allowed buyers to put down a deposit and make no further payments until the property was completed.
City Developments Limited’s spokesman Gerry de Silva played down speculation among property agents that CDL’s upcoming Hundred Trees site would be priced under $950 psf, saying that no price had been set yet.
Mr de Silva said the government measures would ‘have minimal effect on our plans to launch Hundred Trees and other developments’.
He also cited the low take-up rate of IAS among purchasers. Continue reading
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