9 Condos To Watch For Fire Sales As They Approach ABSD Deadline in 2020/2021

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 fire sales to avoid incurring the 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 ABSD deadline. For home buyers, perhaps now is the best time to be on the hunt for a new home at fire sales prices of nearly 15% to 20% off usual price.

What is ABSD and what's 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% 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 ABSD charges. After all, fire sales will still bring in positive profit. It’s much better than making a loss, right?

Note: Due to the COVID-19, the government has unveiled some temporary relief measures, including an additional six months for the ABSD remission.

9 condos to watch for fire sales as they approach ABSD deadline in 2020/2021

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

Disclaimer: At the time of writing, these featured condos have available units for sale. However, due to the fast moving nature of discounted properties, it is possible that they sell out by the time you read this. Please check the property listing sites (linked below) or check the developers for more information. 

1. Artra

If you are looking for a strategically located condo, then you are looking at the right one. Artra condo is situated in the highly sought-after District 03 right beside the Redhill MRT. Besides having the Redhill MRT right at your doorstep, you can also enjoy the access to the slew of amenities in Redhill estate. You can fulfill your grocery, retail, food and healthcare needs by simply crossing the road to Tiong Bahru Road.

For those of you who drive, commuting from the Artra condo is a breeze. You have the Ayer Rajah Expressway (AYE) and Central Expressway (CTE) that will bring you to every corner of Singapore. For families, there are also plenty of schools in the Queenstown area, so you don’t have to worry about your child having long commutes to school.

Planning to snap up a balance unit at Artra at fire sales price? Check out the Artra listing on PropertyGuru for more details.

2. Queens Peak

The first thing that most notice about Queens Peak is its eye-catching design and aesthetics. The condo units at Queens Peak espouse a classy look that many homeowners appreciate. But looks aren't the only noteworthy feature of this condo.

Just like Artra, Queens Peak is also conveniently located in the premium District 03. This puts you within a 15 minutes’ drive away from the Central Business District. There are also plenty of amenities available in this mature estate with Holland Village, Alexandra Central, IKEA Alexandra as well as Queensway Shopping Centre all located near to the Queens Peak.

Don’t want to miss out on the bargain discounted fire sales deal at Queens Peak before the ABSD deadline? Get in touch with an agent through PropertyGuru today.

3. Le Quest

Le Quest is a luxurious condominium surrounded by modern architecture and lush greenery. The thoughtful design by ADDP architect comes with impressive condo facilities that will wow homeowners. But what we really love about Le Quest is the fact that it is a mixed development.

As a mixed development, Le Quest comes with a commercial segment of up to 100 commercial and retail units (49 shop units, 49 restaurant units, a supermarket and a food court). There are also childcare facilities available for families living in the condo. With such a well thought through mixed development, you don’t even have to leave your home for your daily, grocery and food needs.

That's especially useful, especially since we're all spending more time at home, right? 

With Le Quest’s ABSD deadline looming, check out the PropertyGuru listing for Le Quest to see what kind of bargain fire sales price you can watch for.

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!).

4. Granduer Park Residences

Grandeur Park Residence is one of the many condo developments surrounding the Tanah Merah MRT. But thanks to its many unique features, Grandeur Park Residence truly stands out from its other condo neighbours. 

From the well-designed layouts to the smart home capabilities to plenty of condo amenities (think mini-theatres, jamming studio, wet gym, Salt Room and Ice Therapy Corners), Grandeur Park Residence is a condo development that will strike a chord with many homeowners.

Most importantly, Grandeur Park Residence is located at a stone’s throw away from the Tanah Merah MRT. This makes travelling to and fro your new home a breeze.

Certain that Grandeur Park Residence is worthy of your investment as your next home? Don’t miss out on the bargain fire sales opportunity.

5. The Tapestry

The Tapestry is an affordable condo development by City Developments in Tampines. It is suited for those who wish to upgrade from HDB to condo without busting your budget.

The Tapestry development comes with a multitude of amenities, including a ton of swimming pools. There's the Hydrotherapy pool and Adventure Play pool, as well as a reflective pool at the grand lobby that welcomes residents home.

While The Tapestry isn’t located right next to the MRT, commuting from The Tapestry is still pretty convenient. There is a free shuttle bus service to Tampines MRT station for the first year with continuation dependent on the formed committee.

The Tapestry is equipped to be smart home-ready. It is the first development in Singapore to include Alexa, so that you can connect with the smart features in the home. From the lights to the door locks to air-conditioning, everything you need can be voice controlled while you sit in the comfort of your sofa.

Convinced that The Tapestry will be your next home? Make sure to snap up The Tapestry at fire sales price before it runs out of unsold units.

6. 120 Grange

If you are looking for a freehold condo that might be selling at fire sales price, 120 Grange could be the one for you. Located in District 10, 120 Grange is a beautiful condo development with many charms to it. Living in 120 Grange will put you in the heart of Singapore’s central region. You will also be living in close proximity to the Orchard Road shopping belt as well as ambassadors from all over the world like China, Indonesia and Malaysia.

One of the unique selling points of 120 Grange is the number of facilities that you will get to enjoy. From the usual barbeque area, fitness corner, pool deck, swimming pool, there’s also a billiards room and game room for residents to enjoy. This was what the eminent Roxy Pacific Holdings envisioned the condo development to be so that buyers don’t just have a good investment property, but also a perfect place to stay at an affordable quantum.

Want 120 Grange to be your next home? Snap up 120 Grange units at fire sales price before it runs out of unsold units.

7. Martin Modern

Martin Modern is a condo development that is developed by a GuocoLand subsidiary. Designed and built as a luxury condo, Martin Modern is well placed in District 9 at the River Valley area. From parks, schools to shopping mall, Martin Modern is near several amenities that will make life easy for you. Plus, Martin Modern is also strategically located not far away from the major health facilities in District 9 as well as the Central Business District. 

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 Singapore River. For those who love nature, you will also be glad to know that Martin Modern comes integrated with nature in a modern living space. The Martin Modern has embraced special features like Secret Garden, Rain Garden and Forest Trail within the compound to allow residents to enjoy the nature.

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. You will be able to enjoy your home that is equal parts beautiful and functional. 

Check out Martin Modern units that are selling at fire sales price to get a great bargain deal.

8. 38 Carpmael 

Located in the Paya Lebar area, the freehold 38 Carpmael brings great convenience to residents with the stores, supermarkets and eateries in the vicinity. You can visit the nearby shopping centres like Joo Chiat Complex, 112 Katong Mall and Katong Shopping Centre for your daily needs. For those with kids, you will be living within close distance to good educational institutions like Kong Hwa School and Tanjong Katong School.

But location isn’t the only draw of this condo development. Its design is also another good reason for investing in this property. The beautifully landscaped garden surrounding 38 Carpmael enhances the look and feel of the condo. If you feel tired and drained from a day of work, take a walk in the area to let your mind and body relax.

Check out 38 Carpmael units today to buy the last remaining unit at fire sales price.

9. Kandis Residences

Kandis Residences is a 99-year leasehold condo development that is located in the northern region of Singapore. Deliberately designed as a low-rise and low-density enclave, Kandis Residences is especially appealing to those who appreciate privacy and exclusivity. There's also the serene waterfront view, making it hard not to fall in love with the peaceful and tranquil ambience.

But that's not to say Kandis Residences is far from key amenities nearby. In fact, residents can enjoy the convenience of many eateries and public transport within walking distance. If you drive, more restaurants, schools, shopping malls and clubs are easily accessible.

Thinking about staying in the Northern region of Singapore with an affordable condo in a serene environment? Check out Kandi Residences units that might be selling at fire sales price.

If accommodation size is a priority instead, you can take a look at this article on the biggest condos in Singapore. Alternatively, if you are looking for condos that are close to the MRT, you can also check out this article.

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