New data from the URA (Urban Redevelopment Authority) showed that only 230 units of new private homes were completed in December last year. This marks 11% drop from last 2013.
Monthly sales fell almost 46% from the 423 units moved in November of last year as well. Last month only 53 private units got the Green Light, adding insult to injury for Symphony Suites.
Symphony Suites Completion
The analysts were not surprised by the drop however, as they had expected a fairly quiet December due to year-end parties and festivities to slow things down a bit due people celebrating the holidays.
URA bases its information on number of units sold in Symphony Suites during any given month on the Option To Purchase (OTP) issued by developers to buyers, which must be reported to the URA. Note: not all OTPs result in an actual sale however.
Symphony Suites Yishun
The right or option given by the vendor to an intended purchaser to buy property at a specified price within a specified period of time is called an OTP. The buyer must pay a booking fee of between 5 and 10% of the agreed-upon price for this writer options. The purchaser for Symphony Suites has to exercise the LTP within its specified time, If he decides to buy the property.