Developer sales for this quarter continued to be flat at 12 new homes, based on the latest survey from major property agencies in Singapore conducted at the showflats. On top of that, product sales on the new homes brought out in June, slowed down further more, getting total project sales to just 6% compared to the preceding quarter. To move the remaining units and to prevent developing charges to be imposed on The Terrace EC, a few high-end developers holding balance units reduced asking prices for their units.
Price for The Terrace EC
Generally, real estate developers will stay careful and some may reduce prices to move balance units. New homes may also be launched in phases, to find out real estate market conditions before all the units of The Terrace EC are released. It also sounds a lot better to have a higher percentage of released units sold than a low percentage of all units sold. It is also predicted that there maybe only 10,000 units sold new project sales sold in 2014 compared to 15,000 on the prior year.
Prices for Punggol Terrace EC to stay competitive
The figures is also the lowest thus far compared to other years. There are actually indeed quite a few unsold developer units in the location hence quite a few buyers are cautious when shopping for a unit within the project. This has enticed several prospective buyers to be more picky in choosing their units and are also for frequent in in order to request for discounts from the real estate developers in an effort to decrease the selling prices of the units.
More buyers are price sensitive
Prices of private real estate in Singapore will continue to cool however, at a decreased speed as suggested from Urban Redevelopment Authority (URA)’s flash estimate. Sluggish opinion on the real estate investment outlook and also the prospect of even more drop in property prices for The Terrace EC will reduce the number of transactions amounts inside the private real estate market, especially of resale homes. Therefore, The Terrace EC may not receive the same demand compared to other Punggol ECs in the area and hence the developer is willing to spend more on marketing in an effort to boast sales of its units