Midtown Bay which sold 38 units at a median price of S$2,934 psf in Q4 2019 and sold 10 units at a median price of S$2,899 psf in Q1 2020.
ALTHOUGH private home prices fell only one per cent in Q1, sharper price falls are a given for the rest of the year, it's only a matter of magnitude. Not surprisingly larger price drops were already seen in the more expensive homes sold in Q1.
There is no accounting upside to sell seized properties at prices below valuation. Lots of forces for property prices to be sticky.
1. Depending on the amount of mortgagee sale and forced sale properties available. 2. As long as valuers doesn't play ball to lower valuations, banks can't sell below the forced sale value prices. (Unless banks can justify the sale price to the OA.) 3. Sales will be in limbo.
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