Kaeden Ong

ABSD refund for selected The Crest units

Posted by Kaeden Ong on 10th July 2014 in Blog

The Crest, a condominium project located along Prince Charles Crescent saw more than 30 units sold during its first weekend sales, said media reports.

It is understood that its developers have granted options for these units.

Average prices at the 99-year leasehold project reportedly stands at around $1,750 to $1,800 psf, prior to the reimbursement of up to seven percent of additional buyer’s stamp duty (ABSD).

Notably, the reimbursement will be made to buyers after they showed proof of ABSD payment. This brings the effective price at $1,628 to $1,674 psf assuming the maximum seven percent ABSD refund on all units.

The project features 469 units in one- to five-bedroom layouts, with three 23-storey blocks and four five-storey blocks. It is being developed by Wing Tai with retail and property group Metro as well as UE E&C’s subsidiary Maxdin.

Market watchers noted that units at The Crest are generally larger by at least 15 to 20 percent compared to current market norm. One-bedroom units, for instance, average around 650 sq ft compared to around 440 to 540 sq ft in most projects, while sizes of two-bedroom units stand at around 800 to 900 sq ft compared to the usual 580 to 700 sq ft.

The project’s first weekend sales is a great contrast with that of Commonwealth Towers, which saw 175 units sold during its first day of sale on 1 May. For the whole of last month, the project moved 275 units, according to developer sales for May released by Urban Redevelopment Authority (URA).

Market watchers attributed the difference in the outcome between the two projects to the larger lump sum quantum for The Crest arising from its units being bigger.

Specifically, a one-bedder at The Crest go for $1 to $1.2 million, while a one-bedder at Commonwealth Towers costs $750,000 to $850,000.

Credits: Property Guru

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