The Continuum Sells Over 26% of its Units

Most of the buyers were locals and the project set new benchmark prices in the area, reported The Straits Times.

With this, some people questioned whether the new cooling measures – which involve higher ABSD rates for Singaporeans and Permanent (PRs) buying second and subsequent homes as well as a 60% ABSD rate for foreign buyers – is effective in curbing investment demand.

“In the coming months, we can expect new mid-tier and mass-market residential projects to be launched at new record-high benchmark prices. Therefore, the latest cooling measures are unlikely to reduce the overall residential property prices,” said Nicholas Mak, Chief Research Officer at Mogul.sg.

Some analysts believe developers of new projects within the city fringe areas and suburbs will push ahead with their launches, given that buyers are predominantly comprised of Singaporeans and PRs.

However, developers of projects within the prime district, which tend to appeal to foreign buyers, may decide to review their pricing strategies.