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.
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.
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Developer
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Hullet Development Pte Ltd
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District
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D9
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Closest MRT
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Orchard MRT
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Tenure
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Freehold
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Developer ABSD Deadline
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2021
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Price per square foot (before discount)
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$3,262 to $4,198
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Number of balance unsold condo units in 2021
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7
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Total available units during launch
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44
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2. Condo Fire Sale: Jui Residences
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.
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Developer
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Selangor Dredging Berhad
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District
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D12
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Closest MRT
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Lavender MRT
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Tenure
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Freehold
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Developer ABSD Deadline
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2021
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Price per square foot (before discount)
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$1,646 to $2,377
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Number of balance unsold condo units in 2021
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9
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Total available units during launch
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117
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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.
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.
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Developer
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Sustained Land Pte Ltd
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District
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D9
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Closest MRT
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Orchard MRT
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Tenure
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Freehold
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Developer ABSD Deadline
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2021
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Price per square foot (before discount)
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$3,552 to $4,262
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Number of balance unsold condo units in 2021
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11
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Total available units during launch
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96
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4. Condo Fire Sale: JadeScape
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.
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Developer
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Qingjian Realty (Marymount) Pte Ltd
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District
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D20
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Closest MRT
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Marymount MRT
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Tenure
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Freehold
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Developer ABSD Deadline
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2021
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Price per square foot (before discount)
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$1,154 to $2,175
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Number of balance unsold condo units in 2021
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56
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Total available units during launch
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1,206
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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.
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.
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Developer
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First Bedok Land Pte Ltd (GuocoLand)
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District
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D9
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Closest MRT
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Marymount MRT
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Tenure
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99-year Leasehold
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Developer ABSD Deadline
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2021
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Price per square foot (before discount)
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$2,072 to $2,622
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Number of balance unsold condo units in 2021
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32
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Total available units during launch
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450
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The complete guide to buying a new launch condo in Singapore
Read more here.
6. Condo Fire Sale: Twin Vew
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.
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Developer
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CSC Land Group (Singapore) Pte. Ltd.
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District
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D5
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Closest MRT
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Clementi MRT
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Tenure
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Freehold
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Developer ABSD Deadline
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2022
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Price per square foot (before discount)
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$1,282 to $1,963
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Number of balance unsold condo units in 2021
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7
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Total available units during launch
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520
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