SINGAPORE: Singapore’s first mass-market private residential project launched since new curbs were introduced saw the development almost sold out as homes were sold at lower-than-usual prices.
The LyndenWoods development sold 324 units Saturday, the first day it started to accept bookings, CapitaLand Development said in a statement the same evening.
That’s about 94% of the 343 units to be built at a business park in the city’s south.
The launch came over a week after the introduction of surprise measures targeting speculators in the property market.
Owners must now hold their homes for at least four years if they want to avoid paying a seller’s tax, from three previously, while those who still choose to do so face higher levies than before.
CapitaLand Development – part of CapitaLand Group that’s owned by Singapore state investor Temasek Holdings Pte – said LyndenWoods homes were sold at an average price of S$2,450 (US$1,914) per sq ft to mainly professionals, couples and families who were attracted by its long-term investment potential.
That’s lower than median rates for similar units across Singapore and the district.
Another project about a mile away has sold less than half of its 358 units after its launch earlier this year.
The early performance may validate policymakers’ concerns about a trend of flipping properties for a quick profit, which had driven a renewed jump in home prices and risked affecting affordability in one of the world’s most expensive residential markets.
Private home prices grew for a third straight quarter in the three months ended June. — Bloomberg
