The above scenario describes what is currently unfolding in the in Singapore property market. The deal was almost sailing through, S$7500 and for some others S$10,000 were issued to prospective buyers of New launch condo under a so called coy specimen cheque scheme; a ploy to entice the buyers which the buyers expectedly fell for. The time intervention of URL at the eleventh hour turned the tide against BT.
The setting this time around is for the GEM residences. This very project that is located in Tao Payoh which is a lease project that has the approved lease life of 99 years. The publicity got to height in which the developers were cork sure that the stunt that they pulled will yield their expected end. In less than 24hours to D day everything about the sales seems perfectly made from heaven.
The night before the D day which was slated for Friday morning, the bubble burst. It appeared to watchers of events on that Friday night that this sale will be a commercial failure. For sure and during the space of that Thursday night and the morning that followed, a lot of butterflies would have flown in the bellies of the powers that be in BT. The directives regarding the morning sales no doubt did not go down well with the organizers.
The 2,500 cheques that were turned in by would be buyers all had the stamp of the developers! For units that were priced at S$800,000 and below, a chegue of S$7500 was issued while those with the price tag of S$800,000 and above got S$10,000. This down payment is originally meant to make prospective buyers to take due diligence before committing their cash since the money is non-refundable.
The URA had collected the developer’s sales data; a legislation that compels the weekly turn in of such which dates back to May of 2015, on the 25th to be precise. So BT on her part is trying to protect her business interests.
The URA on her part is bent on providing a level playing ground for both parties; ensuring on one hand that laws were not circumvented and on the other hand that the buyers are not just hoodwinked into making a purchase. That was the crux of the matter that necessitated the action of the URA on the eve.
The events on the Friday morning of actual sales really beat the imaginations of real estate watchers. The buyers not only turned up on D day; they were ready to buy! 51% of all condo for sale units put for sale were gone on the very first day!
The turn of events was indeed unexpected. As a prospective buyer within the huge Singaporean property market, you need to be on the look-out for any changes that may affect you since great deals are on offer these days in units such as Sims Urban Oasis and Sturdee residences. The Principle Garden condos also offer some amazing deals.