More condominium units returned in first half of this year

SINGAPORE: More buyers are returning their condominium units.

Figures from a Singapore property research firm show the number has doubled in the first half of this year, compared to the same period last year.

Between January and July this year, over 720 units have been returned.

The figure was 488 during the same period last year.

Buyers who return units forfeit 1.25 per cent of the property value.

Analysts cite two main reasons for the spike.

Lim Yong Hock, senior vice-president, PropNex, said: "In the past six months, some property prices have exceeded S$1,800 per square foot. Some buyers who purchase on impulse may later regret and pull out. Another reason could be (that) some buyers are unable to secure a bank loan."

- CNA/cc