After the Government announced an increase in the Additional Buyer’s Stamp Duty (ABSD) last Thursday (5 July 2018), potential buyers flooded showflats across Singapore to avoid a hike in stamp duty and/or tighter loan limits, which took effect on 6 July 2018.
Several showflats including Park Colonial along Upper Serangoon Road, Stirling Residences in Queenstown, The Crest at Alexandra, Seaside Residences in Siglap, and Riverfront Residences in Hougang, even extended their opening hours until 11.59pm. Some developers even brought forward their launches by a couple of weeks.
ZACD Executive Director and Chief Investment Officer, Nicholas Mak said, “What we observed last night is that there is a huge rush of homebuyers to some of the existing showflats, to try to lock in their purchase before midnight. By and large, many of the potential buyers have already brought forward their purchase for the next one to two months. “
Click here to watch the Channel NewsAsia interview (4:58 – 9:56) broadcasted on Friday, 6 July 2018, 10pm.
Click here to watch the Channel 8 interview broadcasted in Chinese on Friday, 6 July 2018, 10pm.