Easybourse, 19 Dec 2008, Dow Jones
SINGAPORE -(Dow Jones)- The Singapore government said Friday that 10,450 residential units that were sold but are uncompleted were built under a deferred payment scheme as of Nov. 30.
Under the scheme, implemented during the property slump in 1997 and suspended in 2007, buyers of new properties were able to make a downpayment of 10% or 20%, with the rest due only when a project was completed - typically about three years later.
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Related News:
Singapore says 10,000 homes bought via deferred payment - Reuters, 19 Dec 08
Singapore:10,450 Uncompleted Property Units Under Payment Plan Nov - Nasdaq
