Developers bring forward launches in reaction to property cooling measures

By EdgeProp Team / EdgeProp Singapore | July 6, 2018 2:55 AM SGT
Two developers have brought forward their project launches by more than a week amid recent property cooling measures. Park Colonial at Woodleigh Lane and Stirling Residences on Stirling Road, which previewed over the weekend of June 30, were launched on the night of July 5.
Queues entering the sales gallery of Park Colonial on the night of its launch on July 5 (Credit: Timothy Tay/EdgeProp Singapore)
At Park Colonial, more than 300 units were snapped up overnight at an average price of $1,700 psf. Park Colonial is a joint venture between CEL Development, the property development arm of listed construction group Chip Eng Seng Corp together with Heeton Holdings and KSH Holdings.
Stirling Residences, a joint development by Logan Property and Nanshan Group, was launched at an average price of $1,800 psf. The 1,259-unit development is located along Stirling Road, a three-minute walk from the Queenstown MRT station. It saw sales of close to 200 units on the first day of launch.
Crowd at Stirling Residences on the night of July 5, where units are released at an average price of $1,800 psf (Credit: Charlene Chin/EdgeProp Singapore)
The project that sold the most units overnight was Riverfront Residences at Hougang Avenue 7. It chalked up more than 500 sales, with prices of units in the $1,200 to $1,300 psf range. The developer - a consortium led by Oxley Holdings - brought forward its launch by two days from July 7.
Marina One Residences likewise hastened its launch to July 5, with units at prices starting from $2,600 psf.

ABSD hike, LTV tightening

The reason for the rush was the government announcement shortly after 7pm on July 5, that it was raising additional buyer’s stamp duty (ABSD) rates and tightening loan-to-value (LTV) limit. This kicks in from July...