Blossoms by the Park sells close to 75% of units during launch

Of its buyers, three were foreigners.

Blossoms by the Park in Slim Barracks Rise sold about 75% or more than 100 of its 275 residential units during its launch on 29 April.

It is the first private condo launch since the latest hike in additional buyer’s stamp duty (ABSD) rates.

"Its launch-day take-up rate of close to 75% is the highest among that of other new launches this year and we think it will give some confidence to the market, particularly after the fresh bout of cooling measures," Ismail Gafoor, CEO of PropNex, said.

Data from PropNex showed that most of the condo's buyers were Singaporeans and permanent residents (PR).

"From our observations, many buyers at new launches do not pay ABSD as they are purchasing their first residential property, and hence are not affected by the new measures,"  Gafoor said.

Three foreigners bought units during the launch; of which, two were Americans.  

"Owing to free trade agreements, nationals from the USA are accorded the same stamp duty treatment as Singapore citizens," Gafoor explained.

The other foreign buyer, meanwhile, was subjected to the 60% ABSD rate.