I'm sure I've read a few stories on SS regarding this as well as it being in the media2. How does the developer just 'break the contract'? I've been in the property development industry for eight years. In that time I've seen developers let buyers out of contracts and never seen a developer 'break a contract' to sell to another buyer at a higher price.
Thanks for the sharing MIW,OTP, IMHO, inferior because:
- you don't know what you are getting, greedy developers can change the fixtures and fittings on you, can vary plans and redevelop common areas, can build next door and take your view, can ask for more money in rising market (some), can alter and provide alternative car space, etc...
- buying brand new means you are paying a premium price for the property, a similar in the area can cost less, and extra equity can be created with renovation potential
- strata can increase 100% in a year, you don't know the deals, and what developer retains as a %
- basically you do not know exactly what you are getting with the OTP as compared with what you buy at present and have seen what you are getting for your money!
- you do not know the % of owners to renters
So just some of the reasons...