Developers’ sales for the week of 13 Mar – 19 Mar 2023 were 68 units
The CCR accounted for 57.4% while the RCR and OCR made up 16.2% and 26.5%
The top-selling project in the CCR is Leedon Green, followed by Rivière and The Landmark in the RCR, and The Botany at Dairy Farm in the OCR
Sales in February 2023 were 9.9% higher than January 2023 despite the marginal increase in Buyer’s Stamp Duty (BSD) on 14 Feb 2023
This shows that buyers are unperturbed by the increase in BSD
The fallout of Silicon Valley Bank is not expected to have a material impact on the property market due to the swift action of the US Government.
However, if the US FED decides to slow down the pace of interest rate increase or halt it, local borrowers may see a smaller increase in borrowing costs.