Singapore's first post-curb home launch sells 94%
(Bloomberg) — Singapore's first mass-market private residential project launched since new curbs were introduced saw the development almost sold out as homes were sold at lower-than-usual prices.
The LyndenWoods development sold 324 units Saturday, the first day it started to accept bookings, CapitaLand Development said in a statement the same evening. That's about 94 per cent of the 343 units to be built at a business park in the city's south.
The launch came over a week after the introduction of surprise measures targeting speculators in the property market. Owners must now hold their homes for at least four years if they want to avoid paying a seller's tax, from three previously, while those who still choose to do so face higher levies than before.
CapitaLand Development – part of CapitaLand Group that's owned by Singapore state investor Temasek Holdings Pte – said LyndenWoods homes were sold at an average price of S$2,450 ($1,914) per square foot to mainly professionals, couples and families who were attracted by its long-term investment potential.
That's lower than median rates for similar units across Singapore and the district. Another project about a mile away has sold less than half of its 358 units after its launch earlier this year.
The early performance may validate policymakers' concerns about a trend of flipping properties for a quick profit, which had driven a renewed jump in home prices and risked affecting affordability in one of the world's most expensive residential markets.
Private home prices grew for a third straight quarter in the three months ended June, although the pace slowed to 0.5 per cent, preliminary data show.
Not all projects have outperformed. High-end homes in the central business district have struggled since seperate curbs in 2023 raised levies on foreigner purchases, and the projects have been less popular among local buyers due to relatively higher pricing and a lack of amenities.
One such luxury project boasting over 680 units, W Residences Marina View, was also slated to accept bookings on Saturday. IOI Properties Group Bhd., its Malaysian developer, has not publicly released data on its performance.
More projects are lined up for sale in coming weeks, and may give further clues of how buyers are digesting the measures. The opening sales weekend for private projects usually sees the bulk of transactions, and is closely watched for an indication of market sentiment.
More stories like this are available on bloomberg.com
©2025 Bloomberg L.P.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Wall Street Journal
37 minutes ago
- Wall Street Journal
A Soap Opera of Trade Deals
'Asian Allies Seek Wiggle Room on Tariffs' (U.S. News, July 9) shows how tangled trade policy has become. For American companies working in Asia, the soap opera of President Trump's trade deals isn't merely a diplomatic sideshow; it's changing the way companies operate on the ground. U.S. multinationals face a growing backlash in Asia, sometimes explicitly in reciprocal tariff arrangements, but also more subtly implied through future regulatory or market-access decisions. At the same time, for every overture U.S. executives make to their Asian stakeholders, they're required to reassert their commitment to the White House and American jobs. Every decision—from where to invest to how to price products—risks upsetting someone.
Bloomberg
an hour ago
- Bloomberg
Nvidia's Huang Says China's Military Unlikely to Use US AI Chips
Nvidia Corp. Chief Executive Officer Jensen Huang said the US government doesn't need to be concerned that the Chinese military will use his company's products to improve their capabilities. Addressing the largest concern Washington has cited in placing increasing restrictions on US technology exports to the Asian nation, Huang said the Chinese military will avoid using US technology because of the risks associated with doing so.
Yahoo
an hour ago
- Yahoo
Ex-Labor Secretary Robert Reich Says, 'If We Want To Make Housing Affordable For Working People, We Must Get Wall Street Out Of Our Homes'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. A growing number of U.S. homes are being bought up by investors instead of regular homebuyers, and former Labor Secretary Robert Reich says that's pushing working Americans out of the housing market. 'If we want to make housing affordable for working people, we must get Wall Street out of our homes,' Reich said in a recent post on X. He shared the comment alongside a video in which he lays out how hedge funds and private equity firms have taken over a larger share of the housing market over the past decade. Don't Miss: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting today. $100k+ in investable assets? – no cost, no obligation. Referencing a recent BatchData report, Reich noted that nearly 27% of all U.S. homes sold in the first quarter of this year were purchased by investors—the largest share recorded in over five years. Between 2020 and 2023, the average was 18.5%, according to the translates to 265,000 homes purchased by investors in just the first quarter of this year. Meanwhile, many would-be buyers are sitting on the sidelines due to high mortgage rates and rising prices. 'Rent is skyrocketing and home buying is out of reach for millions,' Reich said in the video he posted on X alongside his comments. 'One big reason why? Wall Street.' Trending: It's no wonder Jeff Bezos holds over $250 million in art — Reich, who served in the Clinton administration, pointed out that investors started ramping up their home purchases after the 2008 financial crisis. "The Street's excessive greed created a housing bubble that burst. Millions of people lost their homes to foreclosure," he said. "Did the Street learn a lesson? Of course not. It got bailed out. Then it began picking off the scraps of the housing market it had just destroyed." Reich said investor activity peaked in 2022 and has recently shifted to buying more modestly priced homes, especially in bigger cities and Sun Belt states areas where affordability is already stretched. He also noted that these investors often target neighborhoods with large communities of color. "In one diverse neighborhood in Charlotte, North Carolina, Wall Street-backed investors bought half of the homes that sold in 2021 and 2022," Reich said. "On a single block, investors bought every house but one and turned them into rentals."Reich warns that this trend is creating a 'vicious cycle.' "First, you're outbid by investors," he said. "Then you may be stuck renting from them at excessive prices that leave you with even less money to put up for a new home. Rinse, repeat." In 2024, Reich supported a Democratic bill that aimed to ban hedge funds and private equity firms from buying or owning single-family homes. "If signed into law, this could increase the supply of homes available to individual buyers," he said in the video. It's now up to President Donald Trump and the current Congress to decide whether any such policies move forward. Read Next: Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O'Reilly and Rudy Giuliani are . This article Ex-Labor Secretary Robert Reich Says, 'If We Want To Make Housing Affordable For Working People, We Must Get Wall Street Out Of Our Homes' originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
