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Number Of Returned Condos Highest In A Year, Says Property Research Firm

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http://www.channelnewsasia.com/news/business/singapore/number-of-returned-condos-highest-in-a-y/686778.html

SINGAPORE: The number of returned condominiums is at its highest in about a year, according to property research firm Square Foot Research.

Data shows there were 152 units returned in April. This slightly pips the previous high of 150 units returned in May 2012.

It also brings the total number of units returned for the first four months of this year to 415, about 10 per cent higher than the same period in 2012 -- there were 378 units returned in the same period last year.

Buyers who choose to return their units have to forfeit 1.25 per cent of the property's price.

Some analysts attribute the increase to the record high private home sales in March, where 2,793 units were sold. The government's property cooling measures, may have also led some buyers to back out of their purchases.

Analysts added that those who made impulse buys could have also contributed to the high figure.

David Poh, senior director at PropNex, said: "Even before you view a property, you know you'll be influenced by salespeople and advertisements. So it's best to do your homework and financial planning, and know what you can afford before viewing a place."

- CNA/ac

 

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