http://forum.lowyat.net/ Sat, 04 Jul 2026 00:00:36 +0800 FeedCreator 1.7.2 http://forum.lowyat.net/topic/4795300 Please share your thoughts and vp experiences with us from 2016-2019 SongSongLai Property Talk Wed, 19 Jun 2019 01:34:47 +0800 http://forum.lowyat.net/topic/4717231 As developer didn&#39;t do the proper market survey to cater the actual demand, simply launch many units and unable to sold it even after vp cause oversupply, should our new government fine them? <br /><br /><a href='https://www.propertyguru.com.sg/property-management-news/2017/4/149857/spore-property-developers-face-a-dilemma-after-rule-changes' target='_blank'>Spore Property Developer Face A Dilemma After Rule Changes</a><br /><!--SPOILER BEGIN--><div class="spoilertop" onClick="openClose('7e1fb1f641578ca085de27ebaf81e529')" style="font-weight: bold"><u>&raquo; Click to show Spoiler - click again to hide... &laquo;</u></div><div class="spoilermain" id="7e1fb1f641578ca085de27ebaf81e529" style="display:none"><!--SPOILER END-->Developers may be forced to offer residential units at a discount, which could prolong the three-year decline in property values. <br /><br />Property developers in Singapore are faced with a difficult decision, to discount unsold luxury homes or pay penalties for failure to meet government-mandated sales deadlines, after the government closed a tax loophole that enabled them to offload residential units in bulk to institutional investors and wealthy individuals, reported Bloomberg.<br /><br />To prevent land hoarding, the government now requires developers with non-Singaporean shareholders or directors to complete construction of projects and obtain the Temporary Occupation Permit within five years of acquiring the land. They are given another two years to sell all residential units or face hefty fines.<br /><br />Since December 2011, developers have been given a five-year period to sell all units within a project or pay 10 percent of the land price as penalty.<br /><br />Developers skirted the rules by selling the houses in bulk via a share transfer to wealthy investors, who pay lower stamp duty.<br /><br />But with the tax loophole now closed, developers may be forced to offer residential units at a discount, which could prolong the three-year decline in property values. Paying the penalty, on the other hand, could prove to be more costly.<br /><br />Industry estimates based on official data shows that around 2,098 residential units remain unsold across 57 projects, with penalties for these units reaching about &#036;647 million this year.<br /><br />“This could incentivise them to give greater discounts to buyers who have been waiting on the sidelines for further price corrections,” said Christine Li, Director of Research at Cushman &amp; Wakefield Singapore.<br /><br />She noted that smaller developers may offer bigger discounts while bigger developers may hold out.<br /><br />“Paying the penalties will still be the last resort,” she said.<br /><br /> <br /><!--SPOILER DIV--></div><!--SPOILER DIV--><br /><br /><a href='https://www.edgeprop.my/content/1458798/developer-oversupply-unsold-units-not-developers’-fault' target='_blank'>Developer: Wrong to blame us for oversupply of unsold units</a><br /><!--SPOILER BEGIN--><div class="spoilertop" onClick="openClose('aa500377ae6b0d0548bfedc7a71f82ef')" style="font-weight: bold"><u>&raquo; Click to show Spoiler - click again to hide... &laquo;</u></div><div class="spoilermain" id="aa500377ae6b0d0548bfedc7a71f82ef" style="display:none"><!--SPOILER END--><br /><br />NEWS HOME<br />LATEST<br />IN DEPTH<br />LIFESTYLE<br />新闻<br />DIGITAL PULLOUT<br />VIDEOS<br />EVENTS<br />AWARDS<br />NEWS<br />EdgeProp.my / January 03, 2019<br />Developer: Oversupply of unsold units not developers’ fault<br />Facebook Twitter <br /><br />He said people are more cautious in how they chose to spend their money, which did not reflect a lack of demand. (123RF)<br /> <br /><br />PETALING JAYA (Jan 3): Blaming developers for the oversupply of unsold properties is due to a lack of understanding of market needs, says a developer.<br />Free Malaysia Today reported that Melaka-based developer Anthony Adam Cho said market conditions depended on local and international sentiments, which included the United States-China trade war, the lower prices of commodities and the slower global and local economy.<br />Cho said that this means people are more cautious in how they chose to spend their money, which did not reflect a lack of demand.<br />The news portal cites a recent news report where Hartabumi’s chief executive Radzi Tajuddin said developers were partly to blame for the current numbers of unsold property, saying they were built with a lack of understanding about market demand.<br /> <br />Figures by the Valuation and Property Services Department (JPPH) released on Dec 20, 2018, show that there are 30,115 unsold units worth RM19.54 billion (up by 56.44%) compared to 20,304 unsold units worth RM12.49 billion the year before, and that the bulk of unsold properties are valued at RM500,000 and above per unit.<br /><br />Cho, also the Melaka Real Estate and Housing Developers’ Association (Rehda) immediate past chairman, said that demand existed but that potential buyers were unable to obtain loans or were waiting for prices to fall.<br />“The property market moves in a cycle, and like any cycle, there will be an oversupply of stock. The people still need houses, more so when our population is growing.<br />“Once the economy picks up again, both locally and internationally, the buyer sentiment will return and there will be ready stock,” he was quoted as saying.<br />Stamp duty waivers and other incentives might increase buyer interest, he said to the news portal, but the people would still be cautious.<br /><br />“Prices reflecting the current market conditions are normal and should not be a result of overpriced property. Developers treat properties as stock, so just like supermarkets, they will sell their stock, even at losses to recoup their capital for future investment.”<br />Tang Chee Meng, the chief operating officer of Henry Butcher Malaysia said that most developers would carry out a market study to finalise their offerings.<br />“However getting statutory approvals takes time and sometimes market dynamics may have shifted by the time approval is obtained. The developers, especially public-listed ones, have to continue launching as they need to maintain their profit forecasts and not affect their share price.<br />“Another point to note is that some of the unsold stock are those under the Bumiputera quota, which the developers have to hold until they obtain the official release from the relevant authorities.”<br /><!--SPOILER DIV--></div><!--SPOILER DIV--><br /> SongSongLai Property Talk Thu, 03 Jan 2019 11:20:06 +0800 http://forum.lowyat.net/topic/4057970 I think many people also facing this problem now, my newly vp condo installment plus maintenances every month damage almost RM3000, buy for own stay..but many property agent know the current subsale market are very bad so they advertise the rental in between RM1400-1700 even cheaper than the surrounding apartment and old condo to attract tenants, worst is really got many desperate owner rent out at this price, now the condo full with low grade tenants, totally effect the living conditions, environment and the subsale price as well..Any sifu here know to solve this problem? SongSongLai Property Talk Sat, 17 Sep 2016 18:42:54 +0800 http://forum.lowyat.net/topic/3923378 Just try to use Wikimapia, cannot use it anymore, anyone know why? SongSongLai Property Talk Sat, 16 Apr 2016 10:34:30 +0800 http://forum.lowyat.net/topic/3870294 Lousy build quality and incapable workers are the topics recently, if you found any newly VPed condo with no complain, please share it here&#33; SongSongLai Property Talk Wed, 17 Feb 2016 17:31:24 +0800 http://forum.lowyat.net/topic/3399394 <img src='http://akisama.com.my/sites/default/files/Connaught-Avenue-map.jpg' border='0' alt='user posted image' /><br /><br />Is Connaught Avenue Shoplot got potential as walking distance to MRT 1&amp;2? Why get CF till now still got many vacant shops for lease? SongSongLai Property Talk Tue, 04 Nov 2014 16:59:45 +0800 http://forum.lowyat.net/topic/3299379 Land is scarce, many new development build close to memorial park, as I know there is a new township just 1km away from it, so please share your thought here, do you mind about it?<br /><br />*The area of the memorial park close to 250 acres (100 hectares) SongSongLai Property Talk Thu, 24 Jul 2014 01:45:14 +0800 http://forum.lowyat.net/topic/3113585 If same area, planning buy for own stay, which one better? Why? SongSongLai Property Talk Mon, 27 Jan 2014 11:19:38 +0800