I visited a new launch. The prices that are now being marketed are 30% above the transacted prices shown in the RED portal for the same project.
Although the prices in the portal are shown with a transacted date in June, the actual transactions were done about 3 months earlier, when the sale option was signed. So, the prices have moved by 30% or more, within the past 6 months. I decided that the current prices are too high. I will wait for another opportunity.
I will try to look for another source to capture the latest transacted prices, based on the sales options, and put them into the RED portal.
Lesson: do your research before visiting a new project launch. Visit the RED portal: www.easysearch.sg (Real Estate Data)
I obtained confirmation as follows: The bulk of our transaction records are based on Caveats lodgment date. This is usually 2 weeks from the date when option was issued. However, the the government agencies that keep track of the caveats lodged, published the data every Friday, and we capture the data on the same day. The total delay is likely to be 3 weeks from the option date, for a new uncompleted property. For a completed property, the delay could be up to 3 months.
ReplyDeleteYes, you're right about 3 mths delay for completed property.
ReplyDeleteI just exercise the OTP in Sep 09 for my completed private property, the legal completion is only due in Dec 09.