6 Potential Fire Sale condos to Watch For as They Approach Developer ABSD Deadline in 2021

Looking for a fire sale condo? Here are 6 potential condos in 2021 to look out for as the ABSD deadline approaches.
9 condos to look out for fire sales as they approach their absd deadline in 2021

Homeowners who are on the lookout for a bargain, listen up. With the Additional Buyer Stamp Duty (ABSD) for developer’s deadline looming for a series of developments completed in 2015, developers are looking to launch condo fire sales to avoid incurring the developer ABSD charges.

Case in point: the recent 38 Jervois fire sale where the developer gifted discounts of between 13% to 24% off for the remaining unsold units. Thanks to the generous discounts, the 16 unsold units were snapped up in a short span of three days (wow!).

But 38 Jervois isn’t the only condo development that is nearing its developer ABSD Deadline. For home buyers, perhaps now is the best time to be on the hunt for a new home at fire sale prices of nearly 15% to 20% off usual price.

 

What Is ABSD and What Has It Got to Do with Condo Fire Sales?

A few years back, property developers in Singapore were on an en bloc frenzy as they en bloc-ed condos to replenish their depleting land bank. It led to a series of record-setting en bloc sums paid by developers to existing owners and a subsequent heating up of the property market. As a result, it prompted the authorities to step in to cool the property market with a set of property cooling measures.

One of those property cooling measures is the ABSD for developers. According to the rules, developers have a 5-year deadline to develop the residential site they acquired and sell all the available units. If the developer fails to do so, it will have to pay 25% of the land price that they paid. In fact, developers have to pay the 25% upfront when they buy the land, only to be given a remission (i.e. rebate) if they manage to develop and sell all the available units within five years.

Since property developments earn around 20% margin on average, the 25% developer ABSD charge is really exorbitant and hard for property developers to swallow. Thus, developers are trying their best to offload the unsold units on hand to avoid the developer ABSD charges. After all, condo fire sales will still bring in positive profit. It’s much better than making a loss, right?

 

6 Condo Fire Sales to Watch for as They Approach Developer ABSD Deadline in 2021

If you have some cash to spare or are thinking about that condo upgrade, here are some condo developments to watch out for condo fire sales.

Disclaimer: At the time of writing, these featured condos have available units for sale. The prices are also reflected as per the time of writing on PropertyGuru. However, due to the fast moving nature of discounted properties, it is possible that prices might change and they might sell out by the time you read this. Please check the property listing sites (linked below) or check on the development’s website for more information.

 

1. Condo Fire Sale: 8 Hullet

8 Hullet is a freehold condominium that is located in the coveted District 9 and sits over the Orchard Road shopping belt. It is a redevelopment of the former freehold property at 8 Hullet Road.

8-Hullet-condo-fire-sale

Its brilliant architecture adds glamour to the Orchard Road panoramic skyline with an additional touch of elegance. Each unit comes with a nice aerial view of Singapore’s cityscape from dawn to dusk.

As a sanctuary oasis in the heart of the city, 8 Hullet comprises 44 units spread across 12 floors above the beautiful verdant garden. It offers a unique city living experience where you can experience a multitude of shopping, lifestyle and cultural activities.

Discover available units for sale on PropertyGuru now.

Developer

Hullet Development Pte Ltd

District

D9

Closest MRT

Orchard MRT

Tenure

Freehold

Developer ABSD Deadline

2021

Price per square foot (before discount)

$3,262 to $4,198

Number of balance unsold condo units in 2021

7

Total available units during launch

44

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Tip: Shopping for a new home? Then it's time to work out a feasible budget and compare home loan interest rates. For more personalised advice, PropertyGuru Finance's home finance advisors can help (and for free, too!).

 

2. Condo Fire Sale: Jui Residences

jui-residences-condo-fire-sale

Jui Residences is a redevelopment of the former site of the National Aerated Water Company at Serangoon Road.

The condo is located right next to the Kallang River and near to the Kallang Park Connector Network (PCN). It is designed for quality living while retaining its art deco heritage that is inspired by the National Aerated Water Company building which Jui Residences replaced.

Jui Residences offers convenient living with an integrated transport network. The closest MRT station is at Potong Pasir MRT on the North-East Line (NEL). The station is also a few stops away from MRT interchanges such as Serangoon MRT (NEL/CCL), Little India (NEL/DTL) and Dhoby Ghaut MRT (NEL/CCL/NSL).

Additionally, The Central Expressway (CTE) and Pan Island Expressway (PIE) also provide convenient access to other parts of the island for those who drive.

Certain that Jui Residences is worthy of your investment as your next home? Find a unit for sale on PropertyGuru now.

Developer

Selangor Dredging Berhad

District

D12

Closest MRT

Lavender MRT

Tenure

Freehold

Developer ABSD Deadline

2021

Price per square foot (before discount)

$1,646 to $2,377

Number of balance unsold condo units in 2021

9

Total available units during launch

117

Recommended article: 21 Cheap Freehold Condos in Singapore Under 600k

 

3. Condo Fire Sale: 3 Cuscaden

Launched back in 2018, 3 Cuscaden was positioned as one of the landmarks in Singapore’s most sought-after residential districts in District 9.

3 Cuscaden is a redevelopment of the former 11-unit 3 Cuscaden Walk which Sustained Land snapped up for $103.8m. It is located just a stone’s throw away from the Orchard Road shopping belt, which means that it offers great convenience while still staying slightly away from the hustle and bustle in the core downtown area.

3-cuscaden-condo-fire-sale

AGA Architects was the chief architect behind the design and façade of 3 Cuscaden. They brought a heightened dimension of modern urban living that fuses functionality and style to 3 Cuscaden with nice views of the cityscape. In addition to the spectacular skyline, 3 Cuscaden also comes with a verdant space that looks out into the lush greenery at the Singapore Botanic Garden.

Convinced that 3 Cuscaden will be your next home? Discover units for sale on PropertyGuru now.

Developer

Sustained Land Pte Ltd

District

D9

Closest MRT

Orchard MRT

Tenure

Freehold

Developer ABSD Deadline

2021

Price per square foot (before discount)

$3,552 to $4,262

Number of balance unsold condo units in 2021

11

Total available units during launch

96

 

4. Condo Fire Sale: JadeScape

jadescape-condo-fire-sale

JadeScape is an award-winning condo development located along Shunfu Road. The condo is a redevelopment of the Shunfu Ville condo, which was enbloc-ed back in 2016 for $638m. With a stunning facade and landscape design, JadeScape also bagged several awards at the PropertyGuru Asia Property Award 2019:

  • Best Mega Scale Condo Architectural Design (Singapore)
  • Best Mega Scale Condo Landscape Architectural Design (Singapore)
  • Best Smart Building Development (Singapore)
  • Best Mega Scale Condo Development (Singapore)

Apart from its attractive design, JadeScape also comes with enhanced smart home living. Its lift lobbies are equipped with facial recognition technology while its facilities are fitted with Internet of Things (IoT) that allows residents to check for space availability (e.g. washing bay) in real-time.

Want JadeScape to be your next home? See available units for sale on PropertyGuru.

Developer

Qingjian Realty (Marymount) Pte Ltd

District

D20

Closest MRT

Marymount MRT

Tenure

Freehold

Developer ABSD Deadline

2021

Price per square foot (before discount)

$1,154 to $2,175

Number of balance unsold condo units in 2021

56

Total available units during launch

1,206

Recommended article: Guide to Buying Resale Condo in Singapore: The Full Checklist

 

5. Martin Modern

Martin Modern is a luxury condo development located in District 9 and is developed by a GuocoLand subsidiary. Located in the River Valley Area, the development is close amenities such as parks, schools to shopping malls as well as the Central Business District. 

Martin Modern

One cool feature of Martin Modern is that you will have access to the river taxi to travel from your home to any part of Central Singapore via the Singapore River. Furthermore, the development is integrated with green features like Secret Garden, Rain Garden and Forest Trail.

The interior of Martin Modern is also well thought out with vast living space, a cinematic entertainment system and an open kitchen plan with a pleasant U-shaped design. 

Check out Martin Modern units for sale on PropertyGuru.

Developer

First Bedok Land Pte Ltd (GuocoLand)

District

D9

Closest MRT

Marymount MRT

Tenure

99-year Leasehold

Developer ABSD Deadline

2021

Price per square foot (before discount)

$2,072 to $2,622

Number of balance unsold condo units in 2021

32

Total available units during launch

450

Recommended article: The complete guide to buying a new launch condo in Singapore

 

6. Condo Fire Sale: Twin Vew

twin-vew-condo-fire-sale

Twin Vew is a condo development in District 5 that offers homebuyers a gateway into the exciting development of the Jurong Lake District. The land at West Coast Vale was put up for tender by URA back in 2017 and CDL placed the top bid of $212.2m.

The condo comprises two, 36-storey blocks atop an elevated terrain that offers a scenic view of the Jurong Lake District.

At the same time, Twin Vew also offers a quiet and tranquil environment away from Jurong Lake District. It is surrounded by its own nature elements such as Pandan Reservoir and the Ulu Pandan Park Connector. 

Check out Twin Vew units for sale on PropertyGuru now.

Developer

CSC Land Group (Singapore) Pte. Ltd.

District

D5

Closest MRT

Clementi MRT

Tenure

Freehold

Developer ABSD Deadline

2022

Price per square foot (before discount)

$1,282 to $1,963

Number of balance unsold condo units in 2021

7

Total available units during launch

520

 

Other FAQs About ABSD Condo Fire Sale:

Do developers pay stamp duty?

Yes, just like individuals, developers also have to pay stamp duty. Developers have to pay ABSD that is priced at 30% of the land price that is acquired. The 30% will be paid upfront with a 25% remission if all the units are sold within five years from the land purchase date.

What does condo fire sale mean?

Condo fire sale means that the condo is sold at a discounted price so that the developer can sell all units before the 5-year developer ABSD deadline.

What is Developer ABSD?

Developer ABSD is the tax that developers are subjected to for development sites consisting of five units or more.

 

For more property news, content and resources, check out PropertyGuru’s guides section

Shopping for a new home? Head to PropertyGuru to browse the top properties for sale in Singapore. If you’re keen on buying a condo in Singapore, be sure to check out our step-by-step guide to buying a condo in Singapore.

Need help financing your latest property purchase? Let the Home Finance Advisors at PropertyGuru Finance help you find the best deals. 

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