Many new condos are still being sold at new property launches, and the prices are way above their actual price. The buyers were told that they are getting a discount and bought thinking that they got a good deal. The discount is false, as the prices have been marked up way above the actual market price for similar properties.
The practice adopted by the marketing agents are also questionable, possibly illegal. The buyers are asked to give a blank check and to sign open ended powers of attorney to the marketing agent, in return for a deceptive "discount".
While the prices at new launches continue to show higher prices compared to previous launches, the buyers are not really able to sell their new properties to make a profit - the resale market show a big discount to the new launch prices.
This distortion is extremely bad, and is being tolerated in Singapore under the "free market" approach adopted by the government. The government should address this bad practice, in addition to the cooling measures.
The practice adopted by the marketing agents are also questionable, possibly illegal. The buyers are asked to give a blank check and to sign open ended powers of attorney to the marketing agent, in return for a deceptive "discount".
While the prices at new launches continue to show higher prices compared to previous launches, the buyers are not really able to sell their new properties to make a profit - the resale market show a big discount to the new launch prices.
This distortion is extremely bad, and is being tolerated in Singapore under the "free market" approach adopted by the government. The government should address this bad practice, in addition to the cooling measures.
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