Singapore’s first home launch since new curbs almost sold out as buyers remain unfazed
The measures were implemented to tackle a trend of flipping properties for a quick profit that has driven a renewed jump in home prices
The LyndenWoods development sold 324 units on Saturday, the first day it started to accept bookings, CapitaLand Development said in a statement the same evening. That is about 94 per cent of the 343 units to be built at a business park in the city’s south.
CapitaLand Development – part of CapitaLand Group that is owned by Singapore state investor Temasek Holdings Pte. – said LyndenWoods homes were sold at an average price of S$2,450 (US$1,914) per square foot to mainly professionals, couples and families who were attracted by its long-term investment potential.
That is lower than median rates for similar units across Singapore and the district. Another project about 1.6km (one mile) away has sold less than half of its 358 units after its launch earlier this year.
The early performance may validate policymakers’ concerns about a trend of flipping properties for a quick profit, which has driven a renewed jump in home prices and risks affecting affordability in one of the world’s most expensive residential markets.