Residential

Property market set for 2016 incident due to abundant supply

It is reported that the sellers stamp duty (SSD) should be relooked to prevent a collision with a record number of private homes released to the market in 2016. According to Orange Tee’s data, a total of 33,555 units will make their ways into the property market in 2016, compared to 15,503 units this year. Among those, 27,181 units originate from newly launched projects, and 6,374 units are from the stash of previously locked-up units with owners choosing to hold onto their properties and not incurring any SSD. In 2011, the holding period for the SSD scheme was raised from three to four years, and rates increased steeply up to a maximum of 16 percent.

(Source: Business Times)

More than 200 units sold at Tembusu

More than 200 units have been sold at The Tembusu, Wing Tai’s condo project ...