Due to their tenure of land, freehold Westwood Residences are generally more attractive to customers in the open resale market as versus the lease hold homes. Even now, the comparatively higher asking price levels of these freehold properties would likely have resulted in a growth inside the quantity being set up for auction in recent quarters,” Lee explained. As for total sales, the number of properties successfully auctioned off increased to 10 through the third quarter from nine in the previous period.
Land Tenure of Westwood Residences EC
Significantly, Westwood Residences are already hardest struck because of the government’s various property cooling measures, together with prices dropping for six continuous quarters. Inside the 3rd quarter of 2014, luxury Westwood Residences purchase prices fell 0.9 % quarter-on-quarter, following a 1.5 percent drop in Q2 This year. Meanwhile, only one condo had been sold in Sentosa Cove in H1 2014, further displaying a defieicency of revenue in the high-end property segment.
Associated with this, there are Westwood Residences. The comparatively much higher total quantum relating to landed properties, coupled together with the execution of the Total Debt Servicing Ratio (TDSR) property measures on the restrictions on loans, has caused it to be increasingly hard for landed home owners to service their particular home loan payments. This has in turn ended in an escalating trend of landed properties staying put up for public auction.
Most Prefer Freehold Tenure for Westwood Residences
Apart from the brief blip during the international financial meltdown, which in turn did not take long to restore itself, Westwood Avenue EC have been sitting on more than handsome sales and profits inside theprevious cycle,” she said. As property sellers foresee there will be still a long time before mortgage rates raise, together with due to their particular current financial equity gains, these existing home owners are unlikely to lower their particular home prices. At the same time, these property owners could possibly time their exit in order to minimise or to avoid paying Seller’s Stamp Duties (SSD) impose by the local respective authorities.
Westwood Residences EC Heeton Homes Tenure
Furthermore, local developers for Westwood Residences have previously are sitting on the paper gains inside the residential real estate price run-up from 2005. Chia said, “With the handsome proceeds done over the good times, many of them develop the financial ability to conserve current price levels. Potential buyers are well alert to today’s downtrend in selling prices and they stay clear of making private condo at this moment, in anticipations of decrease asking prices in the near by term.”