Prices of resale condos in Marine Parade continue to hold steady despite higher Additional Buyer’s Stamp Duty rates from last year’s property cooling measures.
Based on URA data, transaction volume in the area fell by 54% in 2018 from the previous year. In comparison, average transacted prices for private homes in the area rose by 3% within the same period.The cooling measures, which included higher ABSD rates and tighter loan-to-value limits, was intended to curb the exuberance in the housing market.
The measures came as a shock, arriving just as property developers have replenished their land banks amid a flurry of en bloc activities that occured throughout 2017 and into the first half of 2018 in anticipation of blockbuster sales. The uplift in prices was attributed to the en bloc beneficiaries of the former Amber Park, whose owners reportedly received between $4.376 million and $8.3 million each.
Source: Real Estate Daily Report (realestatedailyreport.net)
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