Cooling measures not a concern, says foreign developer of luxury condo.
The latest property cooling measures may be targeting foreign buyers, but at least one property firm believes that the steps will not curb foreign appetite for Singapore properties. China Sonangol Land plans to continue expanding in Singapore and is not too bothered by the latest cooling measures. Mr Alain Fanaie, chief executive officer of the developer's parent company, China Sonangol Group, said he was "not really concerned" about the impact of the recent cooling measures. He expects buying activity to return in about six months' time. The latest cooling measures rolled out on Jan12 include raising the additional buyer's stamp duty (ABSD) for foreigners from 10 per cent to 15 per cent. At its maiden project TwentyOne Angullia Park, a high-end freehold condominium in Orchard Road, five out of the 54 units have been sold since its soft launch in April last year.
The latest property cooling measures may be targeting foreign buyers, but at least one property firm believes that the steps will not curb foreign appetite for Singapore properties. China Sonangol Land plans to continue expanding in Singapore and is not too bothered by the latest cooling measures. Mr Alain Fanaie, chief executive officer of the developer's parent company, China Sonangol Group, said he was "not really concerned" about the impact of the recent cooling measures. He expects buying activity to return in about six months' time. The latest cooling measures rolled out on Jan12 include raising the additional buyer's stamp duty (ABSD) for foreigners from 10 per cent to 15 per cent. At its maiden project TwentyOne Angullia Park, a high-end freehold condominium in Orchard Road, five out of the 54 units have been sold since its soft launch in April last year.
