It’s time to take out your toughest mask and ask for a discount. Not that developers are not expecting it. They are already cutting prices to pry open your wallet. Savvy readers who have been following our property postings already know. So here’s a quick update.
Remember Sky Habitat, which has been mentioned in Empower Advisory’s bimonthly outreach and case studies? This morning, you would have seen a full page ad pricing smaller units (1 bedroom + study) at $1,372 psf and 3 bedroom units from $1,267. Just when early buyers of Sky Habitat thought it won’t get any worse when Capitaland launched adjacent Sky Vue at lower psf prices, the price cut is now at Sky Habitat itself. On paper, early buyers of Sky Habitat might already be staring at a loss. There is no need to wait for official figures to be released by URA to confirm that property prices are coming down. Sharp observers like Empower Advisory with its nose on the ground has sussed that out long before.
Why the price cut, you may ask. Sky Habitat launched in Apr 2012 still has 64% of units unsold to date. That is a compelling reason enough in light of the stagnant buying sentiment in the residential property market.
Patience with knowledge is a virtue and we hope like us, your patience is paying off. Before this ad was placed today, transacted prices at Sky Habitat were between $1,428 psf (larger unit) to $1,749 psf (smaller unit). Someone even paid $1,893 psf in May 2012 for a 635-sqft Sky Habit unit. A case of exuberant optimism, excess cash or just not being very savvy? Like in our posting title, there are definately tears being shed.
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