(Source of Photograph: business.asiaone.com)
In 2013, new rulings have dampened the transaction volume of private residential properties – 2013’s sales transaction volume of 32.4% lower than 2012’s sales transaction volume of 22,197. Today, 17 Jan 2014, the “Retirement Resort” by World Class Land bucks the trend by setting a record sales by selling all of its 281 units within 7 hours.
So is the “Retirement Resort” truly for retirees?
The catch here is, the “Retirement Resort” does not have age restrictions and general public are opened to purchase. With its shorter lease of 60 years, the price of the condominium are generally lower than condominium of 99 years lease, making it more affordable. Together with its location being near to upcoming Beauty World MRT station and reputable schools, it is undeniable that the general public may see it as a good investment opportunity – a property with possibly good rental yield.
The picture is now clear that despite a shorter lease of 60 years, buyers are snapping up this “Retirement Resorts”. So will developers launch more projects with shorter lease to make their projects within reach of buyers who are affected by the TDSR implemented in 2013?
– Edwin Goh, PropertyNet.SG