Smaller turnout at upmarket showflats

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Despite the additional cooling measures announced last week, property showflats still welcomed a steady stream of visitors last Saturday.

Property agents, however, reported smaller and more subdued turnouts, unlike previous weekends, according to The Straits Times.

The high-end market has been affected the most, with very few visitors patronising showflats like The Scotts Tower at Cairnhill. Prime district developments in areas such as Orchard Road usually attract foreign buyers.

With the new cooling measures, foreigners are subjected to a 10 percent additional buyer’s stamp duty, while permanent residents (PRs) purchasing second and subsequent residential properties are required to pay an additional three percent stamp duty.

Meanwhile, mass- and mid-market projects performed better, as showflats at Archipelago at Bedok Reservoir, Nottinghill Suites at Toh Tuck Road and The Palette and Seastrand at Pasir Ris witnessed a good number of visitors, although they did not make purchases.

According to Tan Kok Keong, Head of Research at OrangeTee, the situation for the high-end market was not entirely unexpected because it had already been slowing down for some time.

“But for the other projects, it could be a case of Singaporeans doing research so they will be better prepared to make a purchase when the prices drop,” he added.

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