The slowing property market has forced a number of developers to offer prime condominiums penthouse discounts at an unbelievably affordable price. The recent trend has made it clear that an increasing number of expatriates are getting lower housing allowances and this is not welcome news for the sellers of the luxurious units, more specifically those on the top floor. Thus, people with cash and an interest in acquiring their dream penthouse can make their move now. The hefty discounts on offer for the best of swanky apartments make this an attractive proposition. Apart from buyers, the market has also witnessed a weakening of demand in rentals as well.
Substantial Penthouse Discounts
Several of the leading listed developers have offered attractive discounts on their stock of unsold penthouses. City Developments (CDL) is offering a 5 percent discount on some of the prime unsold completed penthouses. The 3,584 sq ft unit at Shelford Suites in District 11, and a 2,045 sq ft unit at Wilkie Studio in District 9 are among those on offer. They are also offering discounts on three units that range from 2,669 to 3,563 sq ft at the Glyndebourne in District 11, with the prices of all these units starting at $2.9 million after the discount, according to a CDL spokesperson. Other local developers such as Hiap Hoe are also offering great discounts on completed penthouses.
Discounts for Penthouses for many developers
Buyers can also get a 3,929 sq ft unit for $9 million, to a 6,532 sq ft duplex penthouse for $12.3 million at the Skyline 360, which is offering a penthouse discount of 28 percent for four penthouse units. Units including two 4-bedroom penthouses ranging between 3.068 and 3,445 sq ft are available at a 25 percent discount at the Signature at Lewis. The prices for these penthouses are in the range of $4.6 to $5.2 million, or $1,500 psf. A 99-year leasehold on penthouses outside the central region can cost around $850 to $1,200 psf.
TDSR new ruling has prompt many developers offering penthouse discounts
Despite the high price and low demand of the penthouses, their low availability has ensured that the annual rentals yield a solid 3 to 3.5 percent. This is because the high upfront cost keeps most buyers out of contention for these penthouses. On the other hand, people can rent a 4,230 sq ft penthouse with four bedrooms at Amber Residencies in District 15 for $10,800 a month, or a 3,320 sq ft one with five bedrooms at Martin Place Residencies in posh District 9 for $24,000.