Fewer visitors at showflats as new property rules bite

Fewer visitors at showflats as new property rules bite

SINGAPORE - Showflats across the island took an immediate hit a day after a slew of tough property cooling measures were unveiled.

Friday saw the introduction of a range of measures including higher additional buyers' stamp duty as well as stricter borrowing limits.

The number of buyers visiting showflats of eCo in Bedok South, d'Leedon on the former Farrer Court site and Echelon next to Redhill MRT station had thinned.

The notable exception, however, was La Fiesta, next to Sengkang MRT station, which was still very busy, with many buyers flocking to its showflat along Sengkang Square, undaunted by the seventh and most extensive round of measures.

The 810-unit project had scrambled to bring forward its launch to Friday night from its original launch date this Tuesday to beat the clock on the new measures.

The Sunday Times understands that the project has sold "a few hundred units" at average prices of between $1,100 and $1,200 per sq ft.

Those scouting around at the showflats said they were hoping that developers might have lowered prices. The measures target investor demand and do not affect first-time home buyers.

Senior financial consultant Edmund Wee, 44, who was at the d'Leedon showflat, said he is happy with the measures as he is a "genuine" home buyer. He has been renting an apartment for the past eight months.

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