In condition with current market condition and the urge to sell off balance unit of completion projects. Developers are offering sweeteners to home seekers that demonstrated effective in moving unsold flats a year ago.
There are two more properties to be involve in such promotion scheme includes, CapitaLand’s Sky Habitat and Ardmore Three by Wheelock Properties.
The Peak@Cairnhill II, is a 60-unit freehold condo near Orchard shopping belt, offering a 15 per cent discount and an enhanced deferred payment scheme, during the launch on monday, 9th Jan 2017.
Buyers only need to pay a 20 percent down-payment to secure an option to purchase, but they have to exercise the option within two years. They can sign a master tenancy agreement with the developer which allows them to rent out the unit and get a rental income in the mean time, which have further more sweeten the deal.
The property tax and maintenance fee payable during the two-year period will also be absorbed by the developer.
All units at The Peak@Cairnhill II are two-bedders, with the smallest unit type, at 829 sq ft, going for $2.085 million. The average selling price is about $2,550 per sq feet after factoring the discount.
Good response to creative marketing schemes, including deferred payment, at OUE Twin Peaks last year had sparked similar moves by other developers to move unsold units at completed projects.
Since its sales relaunch last April, the 462-unit OUE Twin Peaks sold about 220 apartments as at the end of last month, according to caveats lodged, noted real estate agency OrangeTee.
Source: http://www.straitstimes.com/business/property/deferred-payment-plans-at-more-condos
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