Last April 7, 2015, A URA’s (Urban Redevelopment Authority) caveat data was released and it is said that a 1,432 square feet at DUO Residences was sold in a secondary market at a loss of 534,050 dollars in March. It was first resale transaction for this beautiful project of M+S Pte Ltd.
The unit was said first bought on December 10 in the year 2013 of its previous owner at 2,934,050 dollars or 2,049 dollars per square foot and was slightly resold over a year March 18 last year at 2.4 million dollars or 2,049 dollars per square foot.
This is M+S Pte Ltd’s first project that is expected to be completed on 2017. This is a joint venture between Malaysia’s Khazanah Nasional and Singapore’s Temasek Holdings.
The initial launch of this development was a success from its developers as it sold for about 87 percent of its released units. It was reported February last year that it has already sold 94% of its total units including all of its studio and 1-bedroom apartments.
More ‘fire sales’ will be expected from overstretched home owners with the rising interest rates. Larger apartment units are likely to get affected with the tightening of loan policies as seen from abortive transaction as the amount of property price has become limiting factor.
Out of 11,325 transactions, 86.6% that were recorded in 2014 were 1.5 million dollars and below.