Possible bargains for buyers as developers face pressure to sell off units or incur duty
Apartment prices are starting to be cut as the spectre of the Additional Buyer's Stamp Duty (ABSD) looms over developers.
The possibility of buyers picking up some bargains now all comes down to the date the ABSD was introduced - Dec 8, 2011.
It stipulated that developers had five years to complete a residential project and sell all the units. If not, they must pay ABSD. The rate was initially set at 10 per cent of the purchase price of the site, and was raised to 15 per cent on Jan 12, 2013.
The first five-year deadline comes up at the end of this year.