Clock ticking as property developers face double threat

SINGAPORE (Sept 16): The clock is ticking for Singapore’s property developers, who are facing the double threat of ABSD deadlines and looming supply.

It was exacerbated by a slow August, which coincides this year with the seventh month in the lunar calendar year, or Hungry Ghost month – considered inauspicious by Chinese homebuyers who typically avoid property purchases.

Developers in August sold a total of 805 homes, a drop of 18% y-o-y compared to August 2015 and 58% lower than in July. This comprised 473 private homes and 332 executive condominiums (EC).

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