The media recently reported that the slow-moving real estate market is the reason why there is a big competition between private home sellers and various developers in the country. Last year, there were more than 45 percent of private homes sold in Singapore, which is just a couple of figures away from the transactions made by the developers.
Before the first quarter of 2015 came to an end, the closed deals for resale home transactions amped up by 2 percent. This was according to the latest gathered data by the media. More home builders are apparently setting their latest projects aside because of the sluggish demand for new properties.
Unfortunately, these developers are currently under the pressure of cut the prices of their units in attempt to lure more buyers. Moreover, what’s more depressing on their part is the fact that the need for fully-furnished homes are likely to increase by more than 7 percent just for the year 2015.
The information gathered from Urban Redevelopment Authority confirmed that the Skywoods condominium still has some 189 units left unsold. Those who purchased the rest from this 420-unit project developed by Hock Lian Seng were offered a huge amount of discounts and other freebies that aren’t usually presented by agents in a typical scenario.
Jayson Yap, a licensed real estate agent, said in an interview that units in Singapore used to “sell by itself” even without too much sales-talk. That was about four years ago and the market is very different from what it used to be. For him, agents must look for other ways to attract clients and make the properties more appealing to the buyers. While he sells newly developed units, Jayson also offer resale homes and advises his clients to put more decorations to their homes before inviting a potential buyer.