Developers’ sales for the week of 13 Feb – 19 Feb 2023 were 114 units
The CCR accounted for 61.4% while the RCR and OCR made up 19.3% and 19.3%
The top-selling project in the CCR is Peak Residence, Pullman Residences Newton, and The Atelier, followed by Rivière in the RCR, and EC – Tenet in the OCR
The Government announced an increase in buyer’s stamp duty (BSD) on 14 Feb
It was estimated that around 60 units in projects were sold in the hours after the announcement of an increase in buyer’s stamp duty, compared to 15 units sold before the announcement
67% of the 60 deals were closed in the CCR, while 14 per cent and 19 per cent were closed in the RCR and OCR, respectively
The higher BSD is a wealth tax and is unlikely to affect future project sales.
The crowd seen at upcoming project launches, Terra Hill and The Botany at Dairy Farm shows that buyers are unfazed at this marginal tax increase.
