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Stranded Luxury Condo Are on The Rise
#1
One of the most fearful charges for the developers are not additional buyer stamp duty but qualifying charge.

Properties with 80% unsold for more than 5 years will subject to qualifying charges and it is a 8% increment per year. (8%, 16%, 24%...)

Some of the developers get affected:
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Fortunately, residential grade condominiums are still sought after despite the huge slow down. Luxury condominiums are almost coming to a complete halt. Lesser and lesser units are being transaction over the months and this worry the developers, their assigned agency and the market.

SC Global was delisted in order not to face this unfair charges as qualifying charges only applicable to oversea or listed developers. This however, does not mean their property is going out well.

With a market sentimental like this, should government release more residential land or further cool down the market?
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#2
No surprise. But these developers are sure rich to hold their own properties for so long, or the developing cost is actually very cheap so they can hold for so long? Big Grin
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#3
Frankie, you know any developers? See if they can drop their rate to super low than I can consider.
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#4
Good research...........
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#5
(17-10-2016, 03:31 PM)BigDaddy Wrote: No surprise. But these developers are sure rich to hold their own properties for so long, or the developing cost is actually very cheap so they can hold for so long? Big Grin

Will you rather make more money when you have the chance? Doesn't matter how rich a person is, they will never find it is enough.

(17-10-2016, 04:26 PM)ChunBeng Wrote: Frankie, you know any developers? See if they can drop their rate to super low than I can consider.

Even if I know I will not recommend cheapskate buyer to spoil my relationship with them.

(20-10-2016, 04:14 PM)Sylvia Wrote: Good research...........

Thank you Sylvia.
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#6
There are still steady supply of demand for basic condo but heard many developers are paying their qualifying certificate charges.
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