A lot of prospective buyers who are on the affluent side are actually searching all over for luxury properties in distress or are in fact offered with volume discounts by developers. Developers presently are more open to discounts as they currently have to pay more for development expenses should units in Symphony Suites Yishun remain unsold after TOP. This is one of the main reasons why developers are selling their units below valuation in the hope that the development charges which will kick in does not affect much of their bottom line.
Property Asking Prices in Singapore
The developers for Symphony Suites EL Development bottom line are hit greatly by the cooling measures as sales of property slows in the city state. Specifically, the quarter’s low gross domestic product expansion is primarily due to slowing building and construction activity in the city state as the sector grew only 2.7% compared to the 4.1% in the previous year which suggest that the construction industry is indeed slowing down. Price corrections of properties are of greater concern. said CIMB bank’s Regional Economist Seng Wun Song as a sharp drop in prices might mean billions of dollars of asset dollars wiped out of a person’s equity and a larger than expected drop might have adverse effects on a person’s wealth status.
Symphony Suites Asking Prices affected by Property Demand
Based on Knight Frank’s data, asking prices in Symphony Suites dropped by 5.4 percent in the 1st half of 2014. Also, it has been noticed that there is an increase in the number of real estate properties being placed on auction. Number of properties in Symphony Suites presented by means of mortgagee sale increased considerably by 16.2% to 43 units.
Symphony Suites Yishun
Also it can be seen that demand for Symphony Suites properties shrink as the newly BTO figures released shows that the recent Built-To-Order (BTO) exercise did not receive as much applications as anticipated given that the government had allowed present flat house owners acquiring these houses to pay reduced down payment. reported the press. This shows that demand for Symphony Suites indeed has dropped and more will be looking at figures for BTO to be released next quarter as well to see the general demand for properties in the region.