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Promotions galore for home buyers this festive season

Many property developers will be keeping their showflats open from the second day of the Lunar New Year onwards.

SINGAPORE: Home buyers can look forward to a slew of promotions this festive season as local property developers move to attract home buyers.

And many will be keeping their showflats open from the second day of the Lunar New Year onwards.

Yet, some property consultants say the festive offers may not have a substantial impact in swaying potential buyers to sign on that dotted line.

Property developer, Far East Organization, is offering discounts and cash rebates for their units over this Lunar New Year.

Other property developers like Singland, WingTai and City Developments are also giving similar offers to promote their selected projects,

Among the 'hongbao promotions' include cash rebates in multiples of S$8,888 or price discounts ranging from 2.88 per cent.

All these offers are to entice home buyers to seal the deal during the festive season.

"We see an increasing trend in recent years where showflats of developers are open from the second day onwards,” said Tan Tee Khoon, Executive Director, Residential Services, Knight Frank.

“And you have potential buyers coming into the showflats because they know there are special deals from developers during this time -- and so they could pick up a good buy.

“Also they have most of the family together during the holiday season, and as such they can actually view the showflats in a more relaxed atmosphere."

Some analysts however, are not too optimistic on the prospects of such promotions in influencing a buyer's decision.

With the property cooling measures still intact and the likely lull over the Chinese New Year weekend, some experts expect the total number of units sold to slow down by about 10 per cent in January.

“Many buyers will still look at absolute price quantum even after certain discounts are given,” said Nicholas Mak, Executive Director, Research & Consultancy, SLP International Property Consultants.

“They will compare what the price of the unit they are interested in vis-a-vis others in the market and those in the resale market as well.

“Regardless of what developers claim they are giving to the buyers, at the end of the day it still comes down to the final price."

Meanwhile, some property experts say sales transactions now take longer to complete as buyers need several weeks to check on loan approvals.
 

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