Blossoms by the Park : More than 70% sold after Cooling Measures

This week's cooling measures are not enough to douse the fiery property market. 

Blossoms by the Park, a 274 development in One North, sold around 75% of the units at an average price of $2,423 psf. 96% of the buyers were Singaporeans and Permanent Residents, with 4% foreigners.

Despite the hefty 60% ABSD for foreigners, around 8 units were still purchased by this group. The 70% takeup rate means Blossoms by the Park is the best-selling Rest of Central Region (RCR) project in 2023. ALL 1 Bedroom units were fully sold at the time of writing.

An estimated more than 90% of the buyers are first-time buyers. The new cooling measures would not affect this pool of buyers, who pay 0% or 5% ABSD for citizens and PR, respectively. 

 Naysayers would predict that the market would be more cautious after the ABSD has been proven wrong. All eyes will now be on  The Continuum, a Freehold mega condo set to launch next week on May 6. Will this continue to fan the flame and raise property prices in spite of  the cooling measures?

We shall know when it launches.