Latest news with #citysouth
Yahoo
6 days ago
- Business
- Yahoo
Singapore's first post-curb home launch sells 94%
By Low De Wei (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 ©2025 Bloomberg L.P.
South China Morning Post
6 days ago
- Business
- South China Morning Post
Singapore's first home launch since new curbs almost sold out as buyers remain unfazed
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 on Saturday, the first day it started to accept bookings, CapitaLand Development said in a statement the same evening. That is 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 is owned by Singapore state investor Temasek Holdings Pte. – said LyndenWoods homes were sold at an average price of S$2,450 (US$1,914) per square foot to mainly professionals, couples and families who were attracted by its long-term investment potential. That is lower than median rates for similar units across Singapore and the district. Another project about 1.6km (one 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 has driven a renewed jump in home prices and risks affecting affordability in one of the world's most expensive residential markets.
