The market is struggling to take up an excess New Condo At Hillview units. Singapore has a property surplus that can take years to clear, threatening to push down prices, a Bloomberg report revealed. There is an excess of 31,948 units, citing data from the Urban Redevelopment Authority, and sales at New condo in Sembawang have averaged about 2,500 homes per quarter this year, according to Cushman & Wakefield vice president Miss Christine Li. It is more evident in suburban areas, where 10,538 units are still unsold compared to 8,917 in prime districts. Sales might fall between 5% to 10% next year amidst new condo in aljunied related economic outlook, OrangeTee & Tie head of research Christine Sun said. The glut has pushed developers to demand for the 20% stamp duty on foreign buyers be lowered and more time to sell apartments before being hit with levies. The glut can be traced back to the property boom when the new condo at Clementi sale took place. An en-bloc sale happens when a group of owners team up to sell units to developers, the report explained. This has given chance for the new condo at Buona Vista to catch on the rising price trends later.
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