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New launches near the 5-year ABSD deadline in 2021: Will we be seeing developer discounts?

New launches near the 5-year ABSD deadline in 2021: Will we be seeing developer discounts?
PHOTO: Stackedhomes

As condos come close to their five-year ABSD time limit, homebuyers and investors start to pay more attention.

There’s every chance that, with a handful of units left, the developer will decide to give deep discounts rather than pay a steep tax. There are no guarantees, but for those looking out for such deals here are some developments that are on the verge of the deadline:

What is the ABSD deadline?

Property developers must complete and sell every unit in a development, within five years of the land purchase. If even one or two units are leftover, they have to pay Additional Buyers Stamp Duty (ABSD) of 30 per cent of the land price.

This can sometimes result in fire sales, as developers rush to clear out a handful of remaining units.

Now there’s no guarantee that a developer will do this; or that such a deal is available to the wider public. For example, the developer may sell the last few units in an en-bloc deal to an investment firm, rather than discount them for individual buyers.

Nonetheless, it’s still worth keeping an eye on these projects. From time to time, some buyers do get lucky, and pick up the last or two units at an impressive discount:

Condos reaching the ABSD deadline within 12 months

We have kept the list to condos that are – at the time of writing – not yet fully sold out. As you might expect, however, many of the condos on this list are close to selling out:

  • 8 Hullet
  • 3 Cuscaden
  • Uptown @ Farrer
  • Mont Botanik Residence

Below, we’ve included a further list of condos that are reaching ABSD in a little over a year.

1. 8 Hullet

Estimated ABSD deadline: Mid 2022

Location: 8 Hullet Road (District 9)

Developer: Hullet Development Pte. Ltd.

Lease: Freehold

Number of units: 44

Current sales:

The high variability in price, and low transaction volumes, are due to this being a luxury development with only 44 units. The last transaction was at $3,671 psf, above the initial launch pricing of $3,490 psf.

This development is 86 per cent sold out.


There’s a misconception that 8 Hullet is super-expensive. In truth, the typical transactions range between $1.8 million to just over $2.3 million, which in the context of a District 9 luxury condo, is not really considered to be pricey.

There’s also fair justification for the price: you can walk from 8 Hullet to 313 @ Somerset mall in four minutes, just to give you an idea of how prime the location is.

And well, the catch here is that most of the units here range from 538 to 797 sq. ft. So yes, they are definitely all on the compact side of things.

The idea seems to be high-end rental, with one or two-bedders catering to affluent expat tenants. Under normal circumstances 8 Hullet should be in the right place for this; but with Covid-19 still dragging on, the rental market for foreigners still looks quite uncertain. A discount close to ABSD may be the tipping point.

At the time of writing, there are 6 units left for sale. Two 2 bedroom units sized 797 sq. ft, and four 1 bedroom units at 538 sq. ft.

2. 3 Cuscaden

ABSD deadline: Mid 2022

Location: 3 Cuscaden Walk (District 10)

Developer: SL Capital (2) Pte. Ltd.

Lease: Freehold

Number of units: 96

Current sales:

Square Foot Research shows a median price of $3,957 psf, a lowest price of $3,686 psf, and a highest price of $4,227psf.

The current median price is higher than the initial launch price of $3,555 psf.

3 Cuscaden is 92 per cent sold out.


3 Cuscaden is often considered as an alternative to 8 Hullet (see above). Like 8 Hullet, rental is clearly the idea here – most available units are one and two-bedders, ranging from 452 to 764 sq. ft.

3 Cuscaden does cost more than 8 Hullet, with the trade-off being closer proximity to Orchard than Somerset. It’s right across the road from Wheelock Place and ION Orchard and in the exclusive company of prime condos like TwentyOne Angullia Park and Boulevard Vue. In exchange for this, you can expect transaction prices to range from $1.9 million to just about $3 million.

(The Orchard MRT station is connected to both Wheelock Place and ION Orchard via the underground).

For a development of just 96 units, however, the facilities are pretty good. Other than numerous dining and lounging facilities on different levels, there’s a swimming pool on the ground level, as well as a stunning infinity pool on the top.

At the time of writing, there are six units left for sale. Four 2 bedroom units between 657 to 732 sq. ft in size, and two 3 bedroom units on the highest floor. These are actually situated next to each other so you could essentially buy both to combine to a bigger unit if you really have a need for space!

ALSO READ: Why ABSD for developers needs to be tweaked and how it affects you as a home buyer

3. Uptown @ Farrer

ABSD deadline: 3rd Quarter 2022

Location: 2 Perumal Road (District 8)

Developer: SL Capital (2) Pte. Ltd.

Lease: 99-years

Number of units: 116

Current sales:

Square Foot Research shows a median price of $1,958 psf, a lowest price of $1,920 psf, and a highest price of $1,968 psf.

The current median price is higher than the initial launch price of $1,857 psf.

Uptown @ Farrer is 90 per cent sold out.


Uptown @ Farrer is across the road from Farrer Park MRT, on the North East Line. This is just two train stops from Dhoby Ghaut MRT.

Uptown is also a five-minute walk from a number of major retail spots, including the famous 24-hour Mustafa Centre, City Square Mall, and Serangoon Plaza. Overall, this is one of the best-located condos in the vicinity of Farrer/Little India to date.

The main appeal will be to landlords – the one-bedders (around 527 sq. ft.) have transacted at barely above $1 million. Coupled with high rentability, the only concern will be Covid-19 on the future rental market.

(In any case, the smaller quantum at Uptown could be good for that, as landlords are taking less of a risk).

As a family condo though, we feel Uptown @ Farrer is not too great. It’s in a heavily built-up area, with lots of crowds and traffic; there’s little in the way of greenery or pleasing views.

And as most drivers can tell you, traffic in this area can be an absolute nightmare at times.

At the time of writing, there’s still a variety of units left. This ranges from 3 bedroom loft units, to a 4+1 PES unit, a 5 bedroom duplex, and shop units.

4. Mont Botanik Residence

ABSD deadline: 4th Quarter 2022

Location: 2K Jalan Remaja (District 23)

Developer: Tuan Sing Holdings Ltd.

Lease: Freehold

Number of units: 108

Current sales:

Square Foot Research shows a median price of $1,771 psf, a lowest price of $1,728 psf, and a highest price of $1,834 psf.

The current median price is lower than the initial launch price of $1,979 psf.

This development is 92 per cent sold.


With just eight per cent of units left, the developer could be eager to move the last few units (unsurprising, as there are fewer than 12 months to go).

Mont Botanik is 700 metres from the Rail Corridor (and the Rail Mall). It’s also just a six-minute drive to the entrance of the Bukit Timah Nature Reserve. Overall, this is a good location for those who want the greenery and outdoor lifestyle of Bukit Timah, but at a more palatable price point.


Buyers should be prepared to drive though, as there’s no MRT station or mall within a 10-minute distance (except maybe Hill V2, if you’re a fast walker).

We’re a little surprised to see that most units are on the smaller side, at around 700 sq. ft. Even the larger units don’t make it past 1,000 sq. ft.; they’re about 947 sq. ft. Family buyers may not like this, which is unfortunate because the location is good for a family condo.

Probably the biggest selling point here is its freehold status, as this sets it apart from its closer new launch competitors such as Midwood and Dairy Farm Residences .

At the time of writing, there are 8 units left for sale, with half of it 2 bedroom units of 689 – 700 sq. ft in size, and the other being 3 bedroom + study units of 948 sq. ft in size.

Other condos close to ABSD

The following projects are not within 12 months of ABSD, but are fast approaching it:

Development Percentage Sold Number of units ABSD Deadline
Stirling Residences* 99 per cent 1,259 16/10/2022
Riverfront Residences* 98 per cent 1,472 21/11/2022
Parkwood Collection 49 per cent 53 03/12/2022
One Draycott 8 per cent 64 06/12/2022
The Woodleigh Residences 75 per cent 667 19/12/2022

*There is a high chance that, by the time you’re reading this, the last units in Stirling Residences or Riverfront Residences are sold. However, do reach out to us if you have your heart set on them; there may be something we can find for you.

Of particular interest for those on the hunt could be Parkwood Collection and One Draycott given the sales figures so far. While these are small developments with a tiny handful of units, One Draycott may face further difficulties because of the seeming lack of demand for small units in a premium enclave where the average unit size is rather big.

The Woodleigh Residences is an integrated development, linked to Woodleigh MRT station. Given that the Bidadari area is quite central and in demand, it is possible that units here can also move even without discounts.

However, we’d keep an eye out on the higher quantum, four-bedder units here (1,076 sq. ft). With recent transactions reaching over $2.8 million, these could be harder to move – they may be the last unsold units that the developer has to push to clear.

As always, do your due diligence before diving into such deals. We’ve written about it before, but it doesn’t necessarily mean a discount means a good deal.

This article was first published in Stackedhomes.

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