My friend had been caught by the new property ruling. He was in the process of selling sell his private apartment (to downgrade to a HDB flat) when the ruling came suddenly into effect. He said:
You are correct the new ruling should not affect my HDB flat purchase. In fact, I might even enjoy a lightly lower price. However, with the unexpected negative sentiments towards private property, it is likely my targetted selling price will suffer a big drop.
Last month, a buyer brought his family and relatives for second viewing. They really liked my apartment, and agreed on the price. However, he wanted to show the S&P contract to his lawyer before paying the 1%. Unfortunately, he subsequently had problem getting a loan for this property.
Recently, my agent re-contacted another local buyer. I have been confident he would pay my target price, but today, I think it might go well below it.