Discounts, rebates at Ardmore Three draw buyers

By Tan Chee Yuen / The Edge Property | April 29, 2016 11:14 AM SGT
A 1,776 sq ft unit on the 11th floor of Ardmore Three was sold for $5.60 million, which translates to $3,152 psf, according to a caveat lodged on April 15. Based on caveats lodged, this brings the latest tally of units sold to eight out of 84 in the freehold luxury condominium tower by developer Wheelock Properties, at an average transacted price of $3,329 psf.
However on April 13, the developer started offering buyers a 15% discount and a 15% ABSD rebate under the “ABSD assistance package” to offset the additional buyer’s stamp duty. This means the effective purchase price of units will be from $4.54 million or $2,540 psf. According to marketing agents, the offer only applies to units from the 9th to the 20th floors, and will be for a limited period only.
Word on the street is that there has been a flurry of sales since this special offer was made a fortnight ago, and it will be evident in the caveats lodged in subsequent weeks.
Wheelock Properties is said to have moved a number of units at Ardmore Three over the past fortnight with its 15% discount and ‘ABSD assistance package’

Source: Wheelock

Ardmore Three was completed in 4Q2014, which means all the units have to be sold by end-2016 so that the developer will not be hit by extension charges under the conditions of the Qualifying Certificate (QC).
Last month, developer OUE offered two alternative schemes to buyers of its 462-unit OUE Twin Peaks on Leonie Hill Road: a straight 15% discount for selected units with prices starting from $2,300 psf, or the option of purchasing with a deferred payment scheme, with units starting from $2,700 psf. That created a stir in the market. Two recent caveats for the 99- year leasehold OUE Twin Peaks saw buyers opting for the straight discount. A 549 sq ft, one-bedroom unit on the third level fetched $1.29 million ($2,350 psf), according to a caveat on April 19, while one floor above, another 549 sq ft unit was sold for $1.26 million ($2,300 psf) on April 8.
OUE Twin...