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Cuscaden Reserve Receives ABSD Deadline Extension, Relaunch Prices Start at $2900 psf

Cuscaden Reserve Receives ABSD Deadline Extension, Relaunch Prices Start at $2900 psf

Cuscaden Reserve ABSD Deadline Extension and Relaunch Prices

The recent announcement of an ABSD (additional buyer's stamp duty) deadline extension for luxury leasehold condo Cuscaden Reserve in District 10 has sparked interest in the real estate market. Marketing agents for the condominium have introduced discounted offers starting from $2,900 per square foot (psf) in an effort to clear the remaining unsold units.

This new pricing strategy represents a significant 20% reduction from the average price of about $3,600 psf that 12 units have sold for since the condo's launch in September 2019.

The 192-unit Cuscaden Reserve project obtained its temporary occupation permit in August 2023 but still has 180 unsold units. These unsold units, primarily consisting of one- and two-bedroom configurations, pose a risk of hefty stamp duty penalties if not sold within the deadline.However, the marketing agents have successfully secured a deadline extension to 2024, providing some respite for the developers.

The recent increase in ABSD for foreign buyers to 60% has made selling all units within a specified timeframe more challenging for prime district projects. This extension grants the developer an opportunity to focus on the relaunch of Cuscaden Reserve and attract local buyers, who are subject to higher ABSD rates on second or subsequent properties. The discount offer of $2,900 psf is significantly lower than both the last transacted median price in December 2023 and the original median price at the condo's initial launch in September 2019.

Analysis of Singapore's Government Land Sales

Singapore's government land sales have been receiving a tepid response from developers, indicating a slowdown in the overall market. The recent tender for a Lentor Central site only attracted two bids, reflecting rising interest rates and waning buyer interest.As a result, developers are expected to exercise caution and strategically place their bets on smaller to medium-sized sites with low future market competition. Limited demand is anticipated for the remaining URA (Urban Redevelopment Authority) sites up for tender this year.

The decrease in private home sales is another significant factor impacting the real estate market. In September, private home sales across Singapore reached a nine-month low of just 217 units due to the absence of major project launches. The growing inventory of unsold homes, which reached 5,300 units by the end of September, adds further challenges to the market. These trends contribute to the cautious bidding and limited demand for government land sales.

In summary, the ABSD deadline extension for Cuscaden Reserve and the relaunch prices starting at $2900 psf highlight the challenges faced by developers in selling prime district properties. The recent launch of a site on Orchard Boulevard at a potentially reduced price further illustrates the impact of the cooling property market and foreign buyer restrictions. Developers are exercising caution and considering factors such as local demand and the increasing unsold inventory.

For Enquiry & Viewing, Please Contact Official Developer Appointed Sales Team at +65 9048 0660

Contact Via Whatsapp @ +65 9048 0660

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