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Subscribe to this list via RSS Blog posts tagged in Deferred Payment Scheme

Pollen-Bleu-facade.original (1) 

Pollen & Bleu, an eight-storey condominium in District 10, has attracted keen interest since its relaunch in February, with 83 percent of the units released sold, revealed CBRE, which is jointly marketing the project with Huttons and Savills.

In fact, buyers have taken up all the one+study and two-bedroom units, as well as three penthouses at the 99-year leasehold project.

With this, new stacks of units facing the Singapore Botanic Gardens will be released for sale this weekend by developer Singapore Land (SingLand) at an average price of $1,800 psf. Sizes of the one- to four-bedroom units range from 549 sq ft to 1,593 sq ft.

Located at Farrer Drive, the 106-unit Pollen & Bleu is a short drive away from Orchard Road, Holland Village and Dempsey Hill. It is also close to several established schools including Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution, Nanyang Girls’ High School and ACS International.

A deferred payment scheme is being offered for the project, in which the remaining 80 percent of the purchase price will be deferred 24 months from the day the buyer exercises the option to buy the unit.

“It is a deliberate strategy to launch the project only after its completion. We are confident in the product and the value which we have created for the buyers,” said Peter Wee, Assistant General Manager for Business Development and Residential Marketing at SingLand Development.

“It is very rare to find a development like Pollen & Bleu surrounded by lush foliage of the Botanic Gardens and landscape in the heart of District 10. Buyers are seeing the true value of Pollen & Bleu and the strong response seen in the last few weeks demonstrated that.”


Credits: Propertyguru

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(Artist Impression: The Interlace Depot Road (Left) ; D'Leedon Farrer Road (Right)

In a bid to move units, more property developers are offering deferred payment schemes, reported The Straits Times.

In fact, two more developers are now offering the option following the recent success of OUE Twin Peaks, which offered the scheme.

The scheme partly bets on whether current loan-to-value limits will be fine-tuned, since the majority of the buyer’s payment is usually required later.

OUE Twin Peaks has seen around 160 units snapped up since late March when the deferred payment scheme was introduced, together with another incentive which offers buyers a longer option-exercise date.

CapitaLand recently introduced its version of the scheme at The Interlace and d’Leedon condominiums, where about 20 units have since been sold.

Buyers at CapitaLand’s stay-then-pay plan enjoy a 15 percent discount, and can move into the unit once they have exercised the Option to Purchase (OTP). Buyers then make a 10 percent downpayment in eight weeks, while paying the remaining 90 percent one year from the OTP.

In contrast, a standard payment scheme requires buyers to pay the remaining 90 percent within eight weeks from exercising the OTP.

Foreign buyers, on the other hand, can pay a 15 percent downpayment from exercising the OTP, and pay the remaining 85 percent one year from the said date.

Buyers who take up the scheme are not allowed to rent out their unit. As at end-March, CapitaLand had 99 unsold units at The Interlace and 181 unsold units at d’Leedon.

A similar plan is also being used by the developers of The Boutiq in Killiney Road. Under the plan, a buyer can pay a one percent option fee and four percent two weeks later, 15 percent eight weeks from exercising the OTP, 30 percent 18 months from the OTP, and 50 percent two years from the OTP date.

Savills Singapore Research Head Alan Cheong noted that the increasing use of deferred payment schemes indicates that the market is having difficulty clearing unsold stock.

“Developer sales may have improved but there is still plenty of supply to be soaked up,” said Lee Liat Yeang, a senior partner in Dentons Rodyk’s Real Estate practice group.

Credits: Propertyguru

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Only 480 units were sold.

According to Barclays, private home sales fell to a three-month low of 480 units, and were also the lowest March monthly take-up since Mar 2008's 301 units.

Typically March sales pick up after Chinese New Year festivities in January or February, but not this year. This brings the year-to-date total of units sold to 1,784 units, based on data released on Tuesday by URA.

Here's more:

We attribute the poor sales to only one new launch – The Santorini at Tampines, in the far eastern part of Singapore, which is not near any MRT stations, which sold just 13% of its total 597 units. In addition, we estimate some 38 units were returned including 19 from the best-selling two launches in February – Rivertrees and Riverbank, which could be due to bank loan rejections on tighter TDSR conditions.

Credits: Singapore Business Review

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