New Reporter
08-05-23, 10:28
Developers roll out deferred payment schemes, price cuts in Jervois
May 5, 2023
Those searching for a newly completed, freehold private condominium with a prime District 10 address will have choices on Jervois Road. There are three such developments: Fragrance Group’s 36-unit Jervois Treasures, Midas Land’s 43-unit Jervois Prive and SC Global Developments’ 55-unit Petit Jervois.
The first of the three projects to launch post-completion was Petit Jervois, SC Global’s first project in the Petit Collectible series. It features apartments with flexible layouts targeted at the young and affluent.
Completed in March last year, Petit Jervois boasts an urban industrial design by Rene Tan of RT+Q Architects, winner of the Designer of the Year award at the President’s Design Awards 2016. Seven Palms Resort Management, the estate management arm of SC Global Developments, will manage the property.
Having obtained the Certificate of Statutory Completion (CSC) for Petit Jervois in October 2022, the developer is no longer under the scope of the Housing Developers (Control & Licensing) Act. Hence, the developer has greater latitude with its marketing activities for Petit Jervois.
https://i.imgur.com/2VVlsUU.jpg
The freehold Petit Jervois has just two units available after the developer offered a deferred payment scheme late last year (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Deferred payment at Petit Jervois
SC Global launched a deferred payment scheme for Petit Jervois in late 2022. Homebuyers need only make a 10% down payment and defer the completion of the purchase (exercise date of the option to purchase). Since then, the project has been almost sold out, with just two units available.
Petit Jervois has two five-storey blocks of primarily one- and two-bedroom units with sizes from 581 sq ft to 1,012 sq ft, with only a limited number of three-bedroom apartments from 1,044 sq ft to 1,292 sq ft.
The highest psf price achieved at Petit Jervois was $3,165 psf for a 958 sq ft, two-bedroom unit on the third floor. It fetched $3.032 million in December 2022, based on caveats lodged. The average price achieved for Petit Jervois is $2,723 psf.
https://i.imgur.com/W4Q3EAx.jpg
The 20m lap pool of the 36-unit Jervois Treasures (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Jervois Treasures — deferred payment up to 24 months
Across the road from Petit Jervois is Jervois Treasures, the five-storey condominium designed by RSP Architects. It is completed with its CSC obtained at the end of March. Developer Fragrance Group has appointed Brilliance Capital as the exclusive marketing agency for Jervois Treasures’ post-completion launch.
The developer is offering buyers a Deferred Payment Scheme (DPS) with the option to defer the completion by 12 or 24 months. “The DPS will ease cash-flow challenges faced by buyers, including those who are buying in trust,” says Sammi Lim, founder and executive director of Brilliance Capital.
“The DPS also offers buyers — investors and owner occupiers — the flexibility to secure an apartment while interest rates remain elevated. They can defer locking in their mortgage rates until a year or two from now when interest rates have stabilised.”
https://i.imgur.com/3EFE6XK.jpg
Lim: The deferred payment scheme allows buyers to secure an apartment while interest rates remain elevated. They can defer locking in their mortgage rates until a year or two later when interest rates have stabilised (Photo: Brilliance Capital)
Traditionally, developments in the Core Central Region (CCR) have significant exposure to foreign demand, says Wong Xian Yang, head of research for Singapore and Southeast Asia at Cushman & Wakefield.
The latest set of property cooling measures that took effect on April 27, where additional buyer’s stamp duty (ABSD) for foreign homebuyers doubled to 60%, will have “a chilling effect on the CCR”, Wong comments.
Lim of Brilliance Capital expects demand for prime, freehold properties in the CCR to be driven primarily by locals and Singapore Permanent Residents. For foreigners, it will be those who enjoy the same ABSD treatment as Singapore citizens, namely nationals from the US, and those from Iceland, Liechtenstein, Norway and Switzerland. Switzerland. Some foreigners may also be prepared to pay the 60% ABSD, especially those who intend to stay for the long-term, she adds.
More at: https://www.edgeprop.sg/property-news/developers-roll-out-deferred-payment-schemes-price-cuts-jervois
May 5, 2023
Those searching for a newly completed, freehold private condominium with a prime District 10 address will have choices on Jervois Road. There are three such developments: Fragrance Group’s 36-unit Jervois Treasures, Midas Land’s 43-unit Jervois Prive and SC Global Developments’ 55-unit Petit Jervois.
The first of the three projects to launch post-completion was Petit Jervois, SC Global’s first project in the Petit Collectible series. It features apartments with flexible layouts targeted at the young and affluent.
Completed in March last year, Petit Jervois boasts an urban industrial design by Rene Tan of RT+Q Architects, winner of the Designer of the Year award at the President’s Design Awards 2016. Seven Palms Resort Management, the estate management arm of SC Global Developments, will manage the property.
Having obtained the Certificate of Statutory Completion (CSC) for Petit Jervois in October 2022, the developer is no longer under the scope of the Housing Developers (Control & Licensing) Act. Hence, the developer has greater latitude with its marketing activities for Petit Jervois.
https://i.imgur.com/2VVlsUU.jpg
The freehold Petit Jervois has just two units available after the developer offered a deferred payment scheme late last year (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Deferred payment at Petit Jervois
SC Global launched a deferred payment scheme for Petit Jervois in late 2022. Homebuyers need only make a 10% down payment and defer the completion of the purchase (exercise date of the option to purchase). Since then, the project has been almost sold out, with just two units available.
Petit Jervois has two five-storey blocks of primarily one- and two-bedroom units with sizes from 581 sq ft to 1,012 sq ft, with only a limited number of three-bedroom apartments from 1,044 sq ft to 1,292 sq ft.
The highest psf price achieved at Petit Jervois was $3,165 psf for a 958 sq ft, two-bedroom unit on the third floor. It fetched $3.032 million in December 2022, based on caveats lodged. The average price achieved for Petit Jervois is $2,723 psf.
https://i.imgur.com/W4Q3EAx.jpg
The 20m lap pool of the 36-unit Jervois Treasures (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Jervois Treasures — deferred payment up to 24 months
Across the road from Petit Jervois is Jervois Treasures, the five-storey condominium designed by RSP Architects. It is completed with its CSC obtained at the end of March. Developer Fragrance Group has appointed Brilliance Capital as the exclusive marketing agency for Jervois Treasures’ post-completion launch.
The developer is offering buyers a Deferred Payment Scheme (DPS) with the option to defer the completion by 12 or 24 months. “The DPS will ease cash-flow challenges faced by buyers, including those who are buying in trust,” says Sammi Lim, founder and executive director of Brilliance Capital.
“The DPS also offers buyers — investors and owner occupiers — the flexibility to secure an apartment while interest rates remain elevated. They can defer locking in their mortgage rates until a year or two from now when interest rates have stabilised.”
https://i.imgur.com/3EFE6XK.jpg
Lim: The deferred payment scheme allows buyers to secure an apartment while interest rates remain elevated. They can defer locking in their mortgage rates until a year or two later when interest rates have stabilised (Photo: Brilliance Capital)
Traditionally, developments in the Core Central Region (CCR) have significant exposure to foreign demand, says Wong Xian Yang, head of research for Singapore and Southeast Asia at Cushman & Wakefield.
The latest set of property cooling measures that took effect on April 27, where additional buyer’s stamp duty (ABSD) for foreign homebuyers doubled to 60%, will have “a chilling effect on the CCR”, Wong comments.
Lim of Brilliance Capital expects demand for prime, freehold properties in the CCR to be driven primarily by locals and Singapore Permanent Residents. For foreigners, it will be those who enjoy the same ABSD treatment as Singapore citizens, namely nationals from the US, and those from Iceland, Liechtenstein, Norway and Switzerland. Switzerland. Some foreigners may also be prepared to pay the 60% ABSD, especially those who intend to stay for the long-term, she adds.
More at: https://www.edgeprop.sg/property-news/developers-roll-out-deferred-payment-schemes-price-cuts-jervois