By the first half of 2015, a one-stop information on the nett prices of individual units sold by developers will be made readily available on Urban Redevelopment Authority (URA)’s website. This empowers buyers to make more informed decisions, shifts property firms and policymakers to a better position to study the private residential market with the number transparency.
The new move will delve in for more details on new sales only, projects that have been de-licensed remain exceptional and will not be taken into consideration.
Typically, buyers rely on price quotations by developers, caveats (which is not mandatory and not obliged to factor in indirect discounts) filed with the Singapore Land Authority and information gathered from URA for unit’s worth. However, these only provide a broad guesstimate for the buyers.
As indirect discounts become steadily vital in the face of vast competition in today’s soft market, developers work with various options to clinch and meet the varying expectations of buyers. This may include a developer absorbing the additional buyer’s stamp duty or handing out furniture voucher or other indirect discounts.
Moving forward, buyers will be able to extract useful information online with ease which provide them an insight on the market trend and a tool for negotiation. It will benefit consultants and developers alike to have a real grasp of the current market outlook.
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