Are happy days here again?

Going back to the slow market conditions in 1997 and 1998, developers then came up with a number of interesting ways to boost sales. The first was to pay for the stamp duty, about 2.5% for a million dollar property. This was followed by deferring payments to just before the completion stage and providing buyers with many more options in the finishing of their homes.
Lately, developers have ceased offering to pay for the stamp duty as conditions improve and the bulk of their stocks being sold. Mortgage rates have also fallen and some banks are offering rates as low as 4% for the first few years. This does result in a "balloon" type loan package but nevertheless very suitable for the young homemaker.
The bulk of private property sales, however, were for condominiums at the lower $400 per square foot end of the market as well as for landed homes around the million dollar mark. Sales for the pricier freehold condominiums and bungalows still seem to be sluggish.  In spite of this, the market would appear to have bottomed out and with the better performance of the local stock markets, the worst seems to be over. 
In the first quarter of 1999, the current low interest rates, renewed consumer confidence, a bullish stock market and early signs of an economic recovery have had a synergistic effect in pushing new home sales to just over 3,000 units. The government has not changed its position on having its next land sale only in this year and along with the marginal increases in the price index of both private and HDB properties, this gives rise to renewed optimism.

Note: One Singapore Dollar is roughly US$ 0.587 as at 10th March 2000, for other conversions please click the link below