New data from the Urban Redevelopment Authority shows that developer launched condominium sales reached 765 units in October. In total, 855 new units, including ECs, sold in October 2014, representing a 17% increase in the 707 new units, inclusive of Executive condominiums, which sold in September 2014. In the same month in 2013, developers sold 1009 units, exclusive of ECs. This has put many buyers into a more confident position when looking for a unit in Bellewaters EC Sengkang.
Bellewaters EC Buyers Sengkang
Recently, the market has been spooked as there are HDB upgraders for Bellewaters, or singles along with newlyweds searching for their very own first family homes. The Total Debt Servicing Ratio (TDSR) property measures recently closed down the lid tight on liquidity in addition to caused it to be much tougher for HDB upgraders to purchase an exclusive property.
Cooling Measures to affect Bellewaters Sales
Market analysts expect that the effects of the property cooling measures, especially the TDSR (Total Debt Servicing Ratio) regulations, will continue to affect the property market as well as demand for Bellewaters because home buyers adopt a cautious approach especially to Bellewaters EC. Project location and launch price will be major considerations for buyers. Therefore buyers were noted that they were less daring to their approach for Bellewaters given that actually the location is comparatively better compared to other ECs.
Bellewaters Option to Purchase
The Urban Redevelopment Authority URA figures for prices and numbers of units sold during the month are calculated on Options to Purchase or OTP, which are issued by developers to prospective buyers, which are reported to the Urban Redevelopment Authority URA. OTPs do not necessarily result in completed sales and there were times when buyers gave up their OTPs of Bellewaters to other buyers due to various reasons like loan issues or eligibility concerns. An Option to Purchase is merely an option or legal right, issued by the vendor to a prospective buyer to purchase a specific property at a particular price within a particular time period. The prospective buyer pays a fee, usually between 5% and 10% of the agreed price, for the OTP.