More headache for Singapore developers

Lower prices: Potential buyers looking at models of a new public housing estate to be constructed in Singapore. Home prices fell 0.5 in the first three months of the year. — Reuters

SINGAPORE: Singapore’s recent unwinding of some property curbs, which initially appeared to boost prospects for developers, may instead be creating new problems.

After regulators closed a tax loophole that allowed developers to offload apartments in bulk to institutional investors and wealthy Singaporeans, many of the city’s builders now face an unpalatable choice: discount unsold luxury homes or pay stiff penalties for missing government-mandated sales deadlines.