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On Nov 15, $1.8 million went down the drain for the Indonesian seller of a 1,647 sq ft condominium at Orchard Scotts. He sold the unit at $1,427 psf to a Singaporean buyer after purchasing it at $2,540 psf in January 2012. This translates into a 44% loss for the seller, or 9% annualised loss over a holding period just shy of five years.
Bartley Ridge narrowly escapes the punitive additional buyer's stamp duty. The developer would have to fork out around $48.5 million of ABSD if it cannot sell all the units in the project by mid-January 2017.
The 868-unit Bartley Ridge still had two penthouses remaining unsold as at end-October, but they found buyers in November based on caveats lodged. Developers have to pay ABSD on land price if they fail to sell all their units within five years from the land acquisition date. Even if the project is left with one unsold unit, the full amount of ABSD would apply.
Homebuyers are spoilt for choice in the northeast region of Upper Serangoon Road and Buangkok Drive. If they are not prepared to cough up more than $1,200 psf at a new launch, however, and want a unit they can move into immediately, there is a mix of private condominiums and privatised executive condos (ECs) — those that have crossed their 10th year of completion — that are still available.