As the deadline for hefty penalties is approaching, various developers adopted various measures to avoid them. Some previously public listed developers chose to delist their companies from the stock market. Others had used their affliated companies to buy over unsold units. There are also some developers chose to find bulk buyers for their properties. CDL is believed to market one of the two towers at Gramercy Park which is yet to be launched. OUE is also offloading one of its towers in Twin Peaks.
Gramercy Park is about 90% completed and is expected to obtain its TOP in Q2 2016. It has 174 apartments in the freehold site. CDL has until mid 2018 to sell all the units before incurring Qualifying Certificate (QC) extension charges. The asking price is believed to be around $2600 psf.
For the 231-unit Tower 1 of Twin Peaks, which is a 99-year leasehold project, the TOP was obtained in Feb 2015. It has until next year to sell the unsold units before incurring QC charges. The average price of the other tower was at $2861psf. So far 72 units were sold.
Many developers are giving good discounts now in the current lull market especially on the luxury segment. Individuals and funds may find this time to do property shopping at a rare opportune time.