Home buyers to get more accurate snapshot of property market from fuller price
Urban Redevelopment Authority (URA) has been disclosing informations on prices of properties in Singapore, this include also prices the developers sells in their developments. Previously this prices does not take into consideration on the discounts given, furnitures vouchers or any other freebies to buyers. In the first half of 2015, URA will start to disclose the net prices of the individual units sold by the develops. With this disclosure it will give buyers, property firms, property agents and policymakers a more accurate outlook of the market. This new initiative by URA will definitely benefit the buyers as they will know exactly how much the developers are selling the units at and not miss out on the discounts that others are enjoying.
Previously caveats submitted are typically based on the price of the sale and purchase agreement which does not reflect on the developer absorbing the additional stamp duty or furniture voucher given out. These indirect discounts are ways the developers are using to promote and sell their units in their developments. They are very unwilling to give an outright discount from their price list. They are also mindful of the previous buyers who have bought their units at a higher price.
With these changes, buyers will have a more accurate feel on the prices of new condominium prices. This might in turn get more buyers to commit to buy a property.
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