Few New Condos Launches See 100% Sales

http://www.straitstimes.com/breaking-news/money/story/few-new-condo-launches-see-100-sales-20130406

NEW projects usually debut with a bang, but few last year have been completely sold out.

A Straits Times check of the private homes and executive condominium (EC) projects launched since January last year shows that most are above 90 per cent sold.

A handful of the new launches this year have made a splash, selling more than 70 per cent of their total units within just a few months.

The best performer in percentage terms so far is freehold Sea-suites in Pasir Panjang Road, which has sold 85 per cent of its 52 units since its January launch at $1,650 per sq ft on average.

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There were so many New Launches this coming year that it is almost scary. The population had been increasing and we had also overtaken Hong Kong in terms of people per density area. The properties had been increasing in price for the last Decade.

With the new cooling measures in place currently the buyers have to fork out 40% down payment to buy a second property whether for stay or investment. Most private condos nowadays are calling at least a $2 Million Price mark at the moment. Which 40% is a whooping $800K cash. 

Who is able to fork out such an amount of Cash at this moment of time? 

 Even if I do have this 800K will I lock up my cash in my property?

Such a dilemma, even as I am typing this post, I had also received news that the restrictions to the Loans are now also extended to licensed Money Lenders. Which means all 3 tiers of financing had been denied.

Question: Will anyone pick up a personal loan to pay for this $800K Upfront payment? Incuring personal loan (which is insecure loan for bank which means that this loan interest is higher.

Only Time will Tell... 

 - Jason