Developers dangling discounts for buyers

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Developers dangling discounts for buyers

Reported on 10 Dec 2011 Some property developers are offering carrots to prospective homebuyers to offset the new

stamp duty measures announced by the government a few days ago.

Some property developers are offering carrots to prospective homebuyers to offser the new stamp duty measures announced by the government a few days ago.

 

The Straits Times reported that a 5 per cent relief package is being offered by Far East Organization to affected buyers at all of its already-launched projects. Buyers will be reimbursed 3 per cent of the unit price to offset the new stamp duty. They will also receive a furniture voucher worth 2 per cent of the flat price after putting down a 30 per cent deposit if the project has not been completed. This will be applied across the board to all buyers so foreign buyers will still be worse off.

 

Apart from this, some of its other properties also have varying discounts. For instance, units in its Seastrand project in Pasir Ris Drive 3 will be discounted by up to 14 per cent.

 

Meanwhile, according to the report, Wing Tai is also offering a relief package for its luxury Helios Residences at Cairnhill Circle, wherein buyers will receive a cash rebate of up to 2 per cent of the total price upon payment.

 

The paper also reported that agents at Keppel Land, UOL, CapitaLand, DWG, DTZ and Huttons said they did not know of any discounts on offer. However, some agents of the last three firms said they might be able to negotiate an additional 1 per cent cash rebate.

Source: Business AsiaOne