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Private home sales affected by recent loan restrictions: Developers [09-09-2013]  
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SINGAPORE — Several new properties have been launched or opened for preview this weekend, but some property developers said sales have been affected by recent loan restrictions.

Skywoods condominium at Dairy Farm Road is one of the new properties that has been launched this weekend, and is going at an average of S$1,250 per square foot.

Out of 420 units, 150 units are on offer at this phase.

At its pre-launch on Friday, its developer TA Corporation said 35 units were taken up, a rate it said is slower than before.

The developer said it is feeling the impact of tighter loan restrictions that have been introduced, in particular the Total Debt Servicing Ratio which was announced in June, where only 60 per cent of one’s income can be used to service a loan.

Forty-eight-year-old Daniel Ong, who is thinking of upgrading from his current five-room HDB flat to a private property, said compromises would have to be made in terms of size of location, while some investors were also looking at downsizing their options.

Located at the city fringe, Thomson Three saw a crowded showroom on its first preview day, although its developer said it is taking some time to monitor sentiments before actually putting up units for sale.

Kam Tin Seah, senior general manager of investment & strategic development at UOL Group said: “We want to give them enough time to absorb in the project, to understand and to see whether this is the project they like to invest in. (Secondly), to speak to the bankers and hopefully within a reasonable time frame, (they can) come back and make a decision.”

Source:BLOOMBERG
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