I have been receiving quite a number of emails recently offering discounts on asking prices for condominiums in Singapore. It would seem that local developers are feeling the heat and the decline in asking prices could persist for some time to come.
I received another email today and it is for Skywoods condominium which is being jointly developed by Hock Lian Seng, King Wan and TA Corp.
I said in an earlier blog post that the break even price for Skywoods is estimated to be $1,100 psf. So, if you would like to buy a unit in the project, getting a price that is very close to $1,100 psf would be like getting a home built for you at cost with almost no profit for the developer. This is hardly fair to the developer but this is life.
For those who have been waiting to buy a condominium ......
